Saturday, March 21, 2009

Obama to announce plan for increased oversight of 'executive pay at all banks, Wall Street firms and possibly other companies'

Matt Drudge reports that Barack Obama will announce plans to regulate executive pay at all banks, Wall Street firms and possibly other companies. Drudge says sources at the NY Times reveal the President's plans for control and oversight of corporate brass pay that goes beyond the financial industry.

The news comes on the heels of Thursday's interview with Jay Leno on NBC's Tonight Show. During the interview Obama gave a brief summary of his desire for 'common sense' regulation of the banking industry. (Hey that sounds reasonable right? What could happen?) Run the player to 2:50 into this interview segment where the President outlines his plans for the banking industry.

Barack wastes no time in advancing his plans and has pretty much established a pattern of first outlining his plans in a public venue and then acting on them within hours. Just one more note, run the segment up to 4:24 where you'll see the President comment that we don't need bright kids going to school to become investment bankers, (shudder) we need them to become engineers and scientists. I agree that we do need more technical and scientific professionals but these things are normally worked out in the market place. That career selection dynamic usually works well except when you have students receiving their education from sub-standard schools where science and math are disdained by school administrators. Don't be too surprised if you hear of another plan from the new administration calling on young people to shun a calling to banking and related financial institutions in favor of more 'desireable' professions defined by liberals and their marxist scions.

First cigarettes and the tobacco industry were targeted as the pariahs of society, now it will be the bankers and the financial industry that will be the object of Democrat scorn. Next up will be the coal industry that will be cast as an object of liberal hatred and responsible for the evils of pollution.

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