I don't want to say I told you so, but in my last writing I stressed my concern for the govt trying to control businesses in the private sector and in particular compensation structures.
Well, this week all everyone is talking about is how Geithner wants "cart-blanche" power over such companies and the congress is trying to propose legislation that would provide him with what he wants. My good friend Barney Frank is at the leading edge of this bill.
The talk now is that it is not only Sr. Executives that can fall under such scrutiny but any and all employees of the company in question. They first will start with companies that accepted TARP funds, (and it is coming to light that many banks were forced into accepting this money whether they wanted or needed it and tactics such as threats of public audits were proposed if they refused). Sounds a little "KGBish" don't you think?
Anyway some banks are lining up to give it back to avoid having to answer to the govt on how they need to run their businesses...
There have also been comments that even non-TARP companies may suffer the same fate!
You guys still want to bury your heads in the sand???
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