SEC Seeking To Frustrate Shareholders Even More

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The new SEC is showing that it means business by voting unanimously to seek feedback from investors and the banking industry on a completely meaningless rule on executive compensation. The rule would require banks to give shareholders a non-binding vote on compensation if they haven't paid back their TARP stakes by the next time they issue proxy statements. So when Evelyn Davis launches her next campaign against the dynamic duo of Pandit & Parsons, she can take comfort that her outrage will be heard and they can take comfort that, thanks to the SEC, they don't have to do a damn thing about it.

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