TARP Executive Compensation Limits Bill Passed House

It appears they are going to try to do some limits retroactively on executive pay for TARP recipients. Wall Street Journal:

The bill would go a step further than executive compensation limits approved in the $787 billion economic-stimulus package by allowing compensation packages approved before enactment of the stimulus to be curtailed. Compensation limits in the bill would last until firms repay rescue funds received from the federal government.

It's unclear if the Senate will pass it and if the bill is as advertised, of course they should.

Of course this bill gives power to the Treasury Secretary. Anyone see a pattern?

Probably more importantly why are some of the executives who got the United States into this mess still in their positions?

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Giving power or discretion to one department

or individual without any clear and specific guidelines/rules/limits tells me that this is a joke.

Geithner will not do anything to upset Wall Street.

I agree with you

The fact they can steal from the FDIC is even more telling. It's fairly clear to me they are attempting to concentrate more power with the Treasury Secretary, administration and not only is this terrifying with Geithner, I think about past Treasury Secretary's, thus future ones....

if they give this much power now, that means people like John Snowe and Hank Paulson would also have that much power.