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Thread: House GOP votes against legislation limiting excessive bailout pay/bonuses

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    Elite Member Grimmlok's Avatar
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    Wink House GOP votes against legislation limiting excessive bailout pay/bonuses

    This fits in with the ongoing theme that the Republicans just don't get it. They're acting like we're not really in a crisis.

    Legislation requiring accountability from taxpayer-supported corporations passed in the House today on a pretty much party line vote. H.R. 1664, the Pay For Performance Act of 2009, is sponsored by two Democratic freshmen, Alan Grayson and Jim Himes. Grayson explained that legislation was based on two simple concepts:

    One, no one has the right to get rich off taxpayer money. And, two, no one should get rich off abject failure.


    Makes sense. But, apparently, not enough to garner GOP votes. I don't care what excuses Republicans use for voting against this bill. It was their chance to show whose side they are on. Now we know for sure.

    More from The Gavel:


    By a vote of 247-171, the House passed the Pay for Performance Act this afternoon. This legislation amends the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 to prohibit unreasonable and excessive compensation and compensation not based on performance standards at companies that receive capital infusions from the Treasury. While such a capital investment is outstanding, and regardless of when a compensation payment arrangement was entered into, recipients of a direct capital investment from the Treasury would be prohibited from:

    Paying any executive or employee any compensation that is “unreasonable or excessive”

    Paying any bonus or other supplemental payment that is not directly based on performance-based standards

    Entering into new contracts for compensation that are “unreasonable or excessive or not performance-based



    And Republicans couldn't support that? They really do want to give a blank check to their corporate cronies. In GOP world, it's okay to get rich on taxpayer dollars and to profit from failure.

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    Elite Member KandyKorn's Avatar
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    As long as it passed. Repubs can go eff themselves!
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