Tuesday, January 12, 2010
FDIC Votes 3-2 to Limit Banker Compensation
A source in Washington just emailed the following:
Today, the FDIC voted 3-2 to accept comments on a proposed rule to link FDIC insurance premiums to executive compensation practices. The two no votes were Comptroller John Dugan and OTS Chief John Bowman. The yes votes were Sheila Bair, Martin Gruenberg, and Thomas Curry.
3-2 votes at the FDIC are uncommon, which means that this is a significant split in the regulatory community. ..
The FDIC memo on the proposed change is here: http://www.fdic.gov/news/board/2010Jan12Memo.pdf
Dugan dissenting argument is here: http://www.occ.gov/ftp/release/2010-3a.pdf
2 comments:
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I whole-heartedly disagree that the banksters should be paid what they do based on their performances. But this is a slippery slope, and right now this move has popular support because people are angry and vocal. Just wait till the government starts telling John and Jane Doe what salaries they can make.
ReplyDeleteWho is John Galt?
If John or Jane Doe "earned" their salary by using taxpayer money then darn straight the government (aka We the People) should have a say in how much John and Jane are paid.
ReplyDeleteJusticia