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[Flashback] Barney Frank: "I don't think the government should be telling people what to pay. I think the shareholders should"

April 8, 2009
Source: Evil Conservative

Source: Evil Conservative

Before we get to the “money quote” let’s have a quick recap.

Neal Boortz

“Congress will consider legislation to extend some of the curbs on executive pay that now apply only to those banks receiving federal assistance, House Financial Services Committee Chairman Barney Frank said.

‘There’s deeply rooted anger on the part of the average American,’ the Massachusetts Democrat said at a Washington news conference today.

He said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies.”

WASHINGTON — The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said. […]

The administration has been considering increased oversight of executive pay for some time, but the issue was heightened in recent days as public fury over bonuses spilled into the regulatory effort.

H/T  Darleen Click

That is now (2009).

This was then (2006).

Now for the money quote, a little doozy I stumbled across this evening.

Barney Frank was against gov control of CEO pay BEFORE he was for it.

Congressman Barney Frank Outlines His Priorities
Thursday, November 30, 2006

DARREN GERSH, NIGHTLY BUSINESS REPORT CORRESPONDENT: One thing they did talk about is CEO pay. They say, look, wait until we see what the new disclosures are that the SEC is going to require. They’re going to have this total figure. For the first time we’ll see the total compensation figure disclosed in the coming year. Don’t take action on CEO pay until we see what those numbers are. CEO pay is an issue for you. Is this something you want to wait until you see what these numbers are or do you think you want to act quickly on it?

FRANK: No, I don’t think we should wait. First of all, if we listen to the people that don’t do anything, we wouldn’t have the numbers. Beyond that what I think we should do really I don’t need to wait to see what the numbers are. I don’t want to set the numbers. I don’t think the government should be telling people what to pay. I think the shareholders should. The point I would make is this. With regard to CEO in particular, I do not think the boards of directors work as effective independent checks. They are not the fox guarding the hen house. They are the hens guarding the rooster. And I think the time has come to say we need the shareholders to do this. What we’re proposing is not one size fits all, one uniform rule. We’re saying let the people who own those companies go for it. It seems to me a distinctly non-radical idea.

My, my, my  how times have changed. Or should I say regime change. Heh

Quite arguably so, we have the farthest left leaning Prez this country has ever been subjected to.

The time is ripe for a huge helping of an in your face dose of ‘class warfare’ and fascism.

Right Barney?

If it talks like a fascist and smells like a fascist…

It is a stinky smelly agenda driven sputtering fascist.

These companies can not be allowed to fail. So many jobs and lives at stake. Ha! I don’t buy that for a second. They don’t give a rats ass about any of that.

Before anyone gets all riled up, I am applying the following quotes as an exaggeration for the point of illustration…period.

And no I am not just winking and nodding towards Dems.  Let me be perfectly clear, I never supported any bailout what–so–ever.
From –day –one.

Adolf Hitler said in a 1931 interview:

“I want everyone to keep the property he has acquired for himself according to the principle: benefit to the community precedes benefit to the individual. But the state should retain supervision and each property owner should consider himself appointed by the state. It is his duty not to use his property against the interests of others among his own people. This is the crucial matter. The Third Reich will always retain its right to control the owners of property.

Another Hitlerisim:

From a letter to Herman Rauschning, quoted in “Why Does Socialism Continue to Appeal to Anyone?” by Robert Hessen

Let them own land or factories as much as they please. The decisive factor is that the State, through the Party, is supreme over them regardless of whether they are owners or workers.

In case you haven’t heard—TARP’ing  the Life Insurers is next on the agenda…

Watch your backs. Tomorrow it could be you.

Katie @ Pirates Man Your Women

And here is my scary place – yesterday, the gov started regulating executive pay for companies that accepted the bailout money; today, they are talking about regulating executive pay of companies that didn’t take the bailout money.  So, what will tomorrow bring?  How long before the gov decides how much money YOU should make?

Update: Frank-ly Control Freaks: Congressional Committee Passes Bill Controlling ALL Pay at US-Involved Companies – BizzyBlog


With Barney Frank’s help, Treasury Secretary Tim Geithner is trying to expand his power (and by inference that of his Dear Leader boss) well beyond that. The “Pay for Performance Act,” which has already gotten out of committee, would give him veto power over salaries at every company into which the government has inserted its intrusive claws.


Geez, it wouldn’t be much of a stretch to extend Geithner’s reach to:

* Any company with a Small Business Administration loan.
* Any university with students who have borrowed money from the government to attend (i.e., almost every institution of higher learning in the US).
* Any company whose employees use government services (i.e., an interstate highway or a subsidized mass-transit ride) to get to work.

That is, it’s not a very far trip to controlling everyone’s earnings.

A hop, skip and a jump…folks.

It is not as if you all weren’t warned. Right-wing nut jobs or modern day Paul Revere’s?

“When we hang the capitalists they will sell us the rope”

— Joseph Stalin

Dan Collins @ Protein Wisdom links…thanks!


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  1. Conscience: It’s For Your Betters [Dan Collins]

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