It's still completely ABSURD. The executive, and legislative branches have NO BUSINESS in this. NONE. The courts do in cases of bankruptcy THAT'S IT.Zeal for battle over bonuses waning in Washington
From the White House through the halls of Congress, Washington is losing its zeal for an all-out fight over hefty executive bonuses, now that it wants the financial companies it blames for the collapse of the U.S. economy to help clean up the mess.
The House Financial Services Committee on Thursday adopted a milder alternative to a bill passed last week that would have taxed away 90 percent of employee bonuses from companies getting federal bailout money. The new legislation would let bailed-out companies pay bonuses as long as the government determines the compensation is not "unreasonable or excessive."
Just what is unreasonable or excessive would be determined by financial regulators and the Treasury Department, where Secretary Timothy Geithner set off a public furor by not blocking $165 million in AIG payments to its financial products executives and traders on March 15.
Exceptions from 1935 being used today are evidence of WHY exceptions should never be made.
Don't the people of the USA understand what it means to leave to a very few people, NONE OF WHOM are elected the determination that:
1) A business is in significant trouble
2) That trouble is a threat to....the nation? An industry deemed important? Someone's portfolio?
3) The company should be dissolved by the govt and shares priced at what these few people say is the proper market price.
4) Contracts of this entity with employees and OTHERS are at the whim and mood of the govt.
Or do they no longer care?