Am I the only one amused that the SEC still has this much power? Still has any power? Still has offices? Still is being supplied with electricity?
A little-noticed ruling by the Securities and Exchange Commission is setting the stage for shareholders to further question the compensation packages doled out to executives at banks that received rescue cash from Uncle Sam.
On Friday the agency gave the OK to a group of investors that wants to put to a shareholder vote a proposal to impose stricter pay caps than those the feds have outlined for executives at Birmingham, Ala.-based Regions Financial, which got $3.5 billion from the Trouble Asset Relief Program.
The SEC's move may spell trouble for banks that have received TARP funds and have been targeted by shareholders for change, including Bank of America, American Express and Fifth-Third Bancorp.
Didn't someone take away their remote control already and shut down the phones?
SEC OKs Stockholder Input At Firms Getting Tarp Funds [The New York Post]