March 22, 2009

Obama And His Banking Coup

Barack Obama's plan for ALL banks isn't just overreaching. It's beyond that. It's so radical and so extreme that it's hard to believe it is what it is.

From the New York Times:

The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said.

Good Lord!

ALL banks?

What right does Obama have to intervene in the operations and set compensation for executives at ALL banks?

This is insane.

Why stop at ALL banks? Why doesn't Obama set compensation rules for all industries?

Why stop at executives? Why doesn't Obama set compensation for all employees in all businesses?

Clearly, Obama is bent on destroying the private sector.

Officials said the proposal would seek a broad new role for the Federal Reserve to oversee large companies, including major hedge funds, whose problems could pose risks to the entire financial system.

It will propose that many kinds of derivatives and other exotic financial instruments that contributed to the crisis be traded on exchanges or through clearinghouses so they are more transparent and can be more tightly regulated. And to protect consumers, it will call for federal standards for mortgage lenders beyond what the Federal Reserve adopted last year, as well as more aggressive enforcement of the mortgage rules.

Hedge funds aren't regulated. It makes sense to rein that in and have some oversight, but to swallow up the workings of ALL banks is crazy.

The administration has been considering increased oversight of executive pay for some time, but the issue was heightened in recent days as public fury over bonuses spilled into the regulatory effort.

The officials said that the administration was still debating the details of its plan, including how broadly it should be applied and how far it could go beyond simple reporting requirements. Depending on the outcome of the discussions, the administration could seek to put the changes into effect through regulations rather than through legislation.

One proposal could impose greater requirements on company boards to tie executive compensation more closely to corporate performance and to take other steps to ensure that compensation was aligned with the financial interest of the company.

The new rules will cover all financial institutions, including those not now covered by any pay rules because they are not receiving federal bailout money. Officials say the rules could also be applied more broadly to publicly traded companies, which already report about some executive pay practices to the Securities and Exchange Commission.

During the presidential campaign, Mr. Obama repeatedly urged regulators to adopt new rules to give shareholders a greater voice in setting executive pay for all public companies.

I can't believe this. Absolutely unbelievable.

Obama is attempting a coup.

Why should Obama get to determine compensation? That's nuts.

And Obama wants his rules to apply to financial institutions that are NOT receiving federal bailout money.

This isn't about the taxpayers and the people's money at all. Why should Obama be allowed to butt in and manage the business of the banks that are functioning without government funds?

This interference is unacceptable.

It's un-American.

This is truly disturbing: "Officials say the rules could also be applied more broadly to publicly traded companies."


Bottom line: Obama plans to take down capitalism.

Obama's vision demands the destruction of the American dream.

It appears the American people elected a tyrant.

It makes me sick.

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