Can't Forget: The Exec Pay Limits Were Not Last-Minute Additions
If you read the major news media's reporting this week on the executive compensation limits that were included in today's newly-signed stimulus law, you'd think the pay caps were one of those sneaky, dark-of-night maneuvers on the part of Senate Democrats.
The Chicago Tribune says the compensation rules were "inserted at the last minute" into the stimulus. USA Today goes with "thrown in at the last minute," while CBS News makes the dramatic claim that Sen. Chris Dodd (D-CT) "slipped in [the] little-noticed provision."
Incredible! If only it were true. Dodd's CEO pay limits were added to the Senate's stimulus plan by voice vote, with no objection from either party, more than 10 days ago.
It was only the fact that the pay caps survived an attempt to slice them from the bill that was at all unexpected. Two other strong proposals to limit compensation at bailed-out banks were yanked from the stimulus at the last minute -- not added.
In fact, Rep. Brad Sherman (D-CA), the House Financial Services Committee member who first blew the whistle on the attempts to scrap the pay caps, reminded Fox Business Channel of the truth during a weekend interview. We've got the video for you after the jump.
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OFF TOPIC: Burris now admits that he tried to raise money for Blago. Every day his story changes and gets worse for him.
If only we could have waited a couple more weeks. Then squeaky clean Pat Quinn could have appointed a senator who's not a complete clown.
February 17, 2009 3:22 PM | Reply | Permalink
Don't worry...Burris takes everyone's mind off of Rahmbo's new tax problem...
February 17, 2009 3:23 PM | Reply | Permalink
Y-A-W-N . . .
February 17, 2009 3:27 PM | Reply | Permalink
Ugg...CNN anchors arguing tracking jobs saved will be a big problem right now. I'm just some telecommunications analyst and I can think of a few ways to track it.
States are currently determining how many jobs they will need to cut to meet budgets. Any cuts to those projections would be one way.
Another is to follow the job loss curves occurring. The projected job loss and the actual job loss delta would be another way.
Large companies are also forecasting cuts in employees to meet dwindling demands. Any delta's from the forecasts to the actual cuts could be used account for jobs saved.
February 17, 2009 3:35 PM | Reply | Permalink
Ok, this is off-topic, but hilarious.
http://minnesotaindependent.com/26721/bachmanns-statements-on-stimulus-raise-a-few-eyebrows
Where do republicans find these people? It really is amazing. Yesterday was jd and today bachmann. Tomorrow it will be another zinger from rambo. Talk about flailing all over the place. They are circling the drain.
February 17, 2009 4:04 PM | Reply | Permalink
Silly. It was all over the papers that there were going to be pay limits, now it was snuck in.
February 17, 2009 4:50 PM | Reply | Permalink
So how clueless are the major media outlets?????
This is one reason why Bush the criminal is walking.
February 17, 2009 5:35 PM | Reply | Permalink