Congressman Alan Grayson (FL-8) today proudly introduced the Grayson-Himes Pay For Performance Act of 2009.What are the standards for fair pay in this industry? How do you know?
"This bill is 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," Congressman Grayson said. "An economy in which a bank executive can line his own pocket by destroying his company with risky bets is an economy that will spiral downwards. And a government that hands out money to such executives is a government that fails to protect the taxpayers."
The Pay For Performance Act applies to all companies, including AIG, in which the federal government has a capital investment. The bill requires all future compensation to be performance-based. It will be up to the Secretary of the Treasury to establish the standards for fair pay and bonuses. The restriction will remain in place until the company repays all the federal money it received.
Are people free to quit if they don't like their new, "fair" pay? If so, how do you convince them not to quit, if not via pay? This isn't the sector where starvation is haunting the mind. Most of these folks could get another job, if they wanted one; and they are apt to have substantial savings.
The government is supposedly taking over our corporations in order to save them. Right?
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