Various lines drawn in the sand this morning leave Andrew Cuomo and Barney Frank on the same side of the lot, which should come as little surprise to anyone. The reach of the latest rounds of salary caps would seem to be a bit further than, we suspect, anyone suspected.
Mr. Cuomo is examining ways to further stagger both cash and stock compensation payments over several years, according to people familiar with the matter. This way, if a business built on short-term risk-taking blows up, firms will be able to claw back pay.
Riddle us this, Dealbreaker: If, as everyone on the government side of the lot seems anxious to assure us, most firms will have paid e.g., TARP funds back, how will salary caps and similar restrictions be enforced? That is… unless these new salary laws aren’t limited to firms taking government assistance.
Cuomo, Frank Seek to Link Executive Pay, Performance [The Wall Street Journal]
Because Andrew “Subprime HUD” Cuomo and Barney “Roll the Dice” Frank have performed so admirably in the past, we can all now look to them as role models
Why doesn’t government start tying pay to performance in the government sector before dictating such matters to the private sector.
These grandstanding assholes run massive deficits, fail to establish meaningful regulatory regimes, allow quasi-governmental entities to run unsupervised and throw trillions at bullshit social engineering schemes and then claim to speak on compensation issues from some high moral ground. Its hypocritical and disgusting.
Because Andrew “Subprime HUD” Cuomo and Barney “Roll the Dice” Frank have performed so admirably in the past, we can all now look to them as role models
SCARY. BEYOND SCARY.
arbitrary AND pernicious, terrific idea.
2 All true, but bottom line is that govt employees dont earn very much. They get psychic rewards in the form of power and real rewards after leaving office by earning big using the contacts they’ve developed. So govt is not the place for pay for performance.
sorry- what time is the revolution schedule for again?
Is a Subprime HUD similar to a HotBarney or a Cuomo Steamer?
@ 6 i figure tuesday
Perhaps you were absent the day in history class when socialism was taught?
I hear the meeting went down like this:
Doorbell rings: Pizztha delivawee for missa cuomo.
AC: I didn’t order any…Oh, Barney, I see you brought sausage. Maybe we can work something out.
Hmmm – this is going to be filled with lots of scary undefinable terms that government humps get to redefine depending on whom they want or don’t want to fuck over at a particular moment:
“business built on”
“short-term”
“risk taking”
“over several years”
“Performance”
I’m sorry … I’m a government worker, what’s a HUD?
How about the employees of MER,LEH,BAC,WB,BSC and C who had a big portion of their comp deferred in equity “awards” and then subsequently wiped out?
All this outrage is just hilarious. I love the sound of sissies sobbing.
-not.a.banker.
The Cuomo the Homo and Barney Fag Show…coming to CNBC soon
13 What about them? You sayin that was good or bad? Or that the system is already working as it should.
“but bottom line is that govt employees dont earn very much”
Complete BS. Adjusted for quality of work, talent, effort and hard work they are the most grossly overpaid people on this side of the Atlantic.
FYI not only do they get a high secured base and 0 job risk, they get free benefits and tax free pensions for life.
@5
I know of plenty of gov’t employees that bring home $150m/year + sweet-ass benefits, pension, job security, etc.
I dunno about you, but methinks that’s a pretty damn good deal.
If govt refuses to let the banks pay back the money they can abuse the position of power to shake the bankers down for campaign contributions forever and ever….
So why would they. Politicians manage for re-election not national interest. If sheeple vote for ads and welfare and don’t follow politics they deserve what they get.
17 I’m sure that there are people that you work with that are saying the same thing about you(“adjusted for quality of work…the most grossly overpaid…”). My point is, your observation is totally subjective, so don’t bother. Bottom line is, you don’t work for the govt to get rich. And 18, if you think otherwise, be our guest.
@5 FACT: average federal and municipal employee makes 46% more per year in salary and benefits than private sector counterpart. Not to mention the job security. Boy, I’m elated over Obama’s “stimulus” plan so that the California Teachers’ Unions can keep their 30 different benefit programs.
@14 The finance people are pissed off because they have all taken hits to their deferred comp to the tune of -70 to -100% and many lost careers, and then guys like Barney Frank get re-elected when he is just as culpable as Tangelo Mozilo and Dancin Chuck Prince in all this mess. These guys were out 1.5 years ago, and Barney’s fat @ss is still spouting away on CNBC about how right he is about everything and how he saw it all coming.
Both of you go back to your government agency or wherever you work. I hear Obama’s hiring for the Census, maybe you parasites can get a new job?
21 You’re the parsite, and a dumb one at that if you think Frank is at all culpable. The industry destroyed itself. Those that work in it therefore deserve to have lost their fortunes. End of story.
@17, You don’t need to adjust for all those factors. Gov’t employees make more straight away.
In September 2008, private industry employer compensation costs averaged $27.07 per hour worked.
In September 2008, employer costs in state and local governments averaged $39.18 per hour worked.
http://86andlex.wordpress.com/2009/03/04/anecdotes-2/
@22 Ouch, that one hurt. I’m a “dumb parsite”, now im just going to go home with my head between my legs and console myself
@ 22
gobie, table for one.