House votes to restrict Wall Street pay

[cal04]

Legislation gives shareholders nonbinding vote on compensation packages
http://www.msnbc.msn.com/id/32239409/ns/business-economy_in_turmoil/

The House voted Friday to slap restrictions on how Wall Street executives are paid after nine banks that took government aid rewarded thousands of their employees with bonuses topping $1 million each.

Bowing to populist anger and defying President Barack Obama’s suggestion that government rely on incentives instead of intervention to curb excessive salaries and bonuses, the House passed the bill on a 237-185 vote.

“This is not the government taking over the corporate sector. . . . It is a statement by the American people that it is time for us to straighten up the ship,” said Rep. Melvin Watt, D-N.C.

The vote advances the first piece of Obama’s broader proposal to increase oversight of financial institutions. The Senate was expected to take up the package after Congress returns in September from its summer recess.

[derby378]

1. If it's nonbinding, isn't it pretty much useless?

I mean, this is a good first step, but a shareholder vote needs some teeth.

[SharonRB]

4. Exactly my first thought when I looked at the bill

What's the point if it's not binding?

[loudsue]

2. That's pretty good! Now let's see if it will ever get passed by both houses.

:popcorn: I'm not going to hold my breath.

[global1]

3. Not Only Will The PAC Money Being Rolling In From ......

big insurance, big pharma and big medical device companies - but now they have the extra added bonus of having the financial community money rolling in as well. Seems to me that Congress is targeting industries with money - because they know that the electorate doesn't have the dough. How much additional dollars will come rolling in from the financial community's lobbyists?

Quite a scam I would say.