Two weeks ago 85 republican house member asshats sided with democrats and passed a bill that would have imposed a 90 percent retroactive tax on AIG bonuses. Obamassiah and company seemed to start backing down when it turned into a perfect storm in the senate.

Now comes that sneaky little bastard Barney “the Pimp” Frank with this, the Grayson-Himes Pay For Performance Act of 2009, (see bill here).

[I]n a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the “Pay for Performance Act of 2009,” would impose government controls on the pay of all employees — not just top executives — of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies.

The purpose of the legislation is to “prohibit unreasonable and excessive compensation and compensation not based on performance standards,” according to the bill’s language. That includes regular pay, bonuses — everything — paid to employees of companies in whom the government has a capital stake, including those that have received funds through the Troubled Assets Relief Program, or TARP, as well as Fannie Mae and Freddie Mac.

The measure is not limited just to those firms that received the largest sums of money, or just to the top 25 or 50 executives of those companies. It applies to all employees of all companies involved, for as long as the government is invested. And it would not only apply going forward, but also retroactively to existing contracts and pay arrangements of institutions that have already received funds.

In addition, the bill gives Geithner the authority to decide what pay is “unreasonable” or “excessive.”

And it directs the Treasury Department to come up with a method to evaluate “the performance of the individual executive or employee to whom the payment relates.”

The bill passed the Financial Services Committee last week, 38 to 22, on a nearly party-line vote. (All Democrats voted for it, and all Republicans, with the exception of Reps. Ed Royce of California and Walter Jones of North Carolina, voted against it.)

The bill was introduced March 23, 2009 and is sponsored by Rep. Alan Grayson [D, FL-8] The eight co-sponsors are all of course, democrats.

Rep. Gerald Connolly [D, VA-11]
Rep. Keith Ellison [D, MN-5]
Rep. James Himes [D, CT-4]
Rep. Sheila Jackson-Lee [D, TX-18]
Rep. Barbara Lee [D, CA-9]
Rep. Solomon Ortiz [D, TX-27]
Rep. Thomas Perriello [D, VA-5]
Rep. Peter Welch [D, VT-0]

This begs the question. Just who are they going to recruit to run these banks, insurance companies and other financial institutions that need the best and brightest talent to get them out of dire straits?

It looks like Frank Marshall Davis’ work is paying off. From Accuracy in Media :

In his books, Obama admits attending “socialist conferences” and coming into contact with Marxist literature. But he ridicules the charge of being a “hard-core academic Marxist,” which was made by his colorful and outspoken 2004 U.S. Senate opponent, Republican Alan Keyes.

However, through Frank Marshall Davis, Obama had an admitted relationship with someone who was publicly identified as a member of the Communist Party USA (CPUSA). The record shows that Obama was in Hawaii from 1971-1979, where, at some point in time, he developed a close relationship, almost like a son, with Davis, listening to his “poetry” and getting advice on his career path. But Obama, in his book, Dreams From My Father, refers to him repeatedly as just “Frank.”

The reason is apparent: Davis was a known communist who belonged to a party subservient to the Soviet Union. In fact, the 1951 report of the Commission on Subversive Activities to the Legislature of the Territory of Hawaii identified him as a CPUSA member. What’s more, anti-communist congressional committees, including the House Un-American Activities Committee (HUAC), accused Davis of involvement in several communist-front organizations.

The other not surprising thing is the mainstream media has not said a word about this bill. The only ones that seem to be talking about it are the conservative bloggers and Fox News.

What’s next? Or perhaps, who’s paycheck will be next? Maybe now they’ll do the same thing to anyone that’s ever taken out an SBA loan. Afterall, that is government financial assistance, since the SBA is the guarantor of loans and those loans are in many cases made by financial institutions that are being propped up by the guberment.

AWB

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