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Obama Backs Legislation To Cut CEO Pay

From those believers in a Soviet-style command economy at Reuters:

Obama pushes bill to rein in lavish CEO pay

Fri Apr 11, 2008

INDIANAPOLIS (Reuters) – Democratic presidential candidate Barack Obama will push on Friday for passage of a bill to put the huge pay packages of some U.S. corporate executives under greater scrutiny.

The Illinois senator has introduced “say-on-pay” legislation that would give investors more of a voice in setting executive compensation packages.

“We’ve seen what happens when CEOs are paid for doing a job no matter how bad a job they’re doing. We can’t afford to postpone reform any longer,” Obama said in prepared remarks for delivery later on Friday.

“That’s why Washington needs to act immediately to pass this legislation.”

Amid fears the U.S. economy may be in recession, many U.S. voters are anxious about a weakening job market, the mortgage crisis and higher gasoline prices.

At the same time, many are also expressing outrage over big pay packages given to executives of some of the companies at the center of the financial and mortgage crises, such as Bear Stearns Cos Inc and Countrywide Financial Corp…

Given that Mr. Obama styles himself as a Constitutional scholar, it should be very easy for him to explain where the power for this legislation is enumerated in the Constitution.

Of course it appears no where in that document. But Mr. Obama’s class warfare is obvious in many of his speeches.

Which is understandable, since he learned it all (and more) at the knee of the Reverend Wright.

But shouldn’t we taxpayers have a similar say in the incomes of the ex-Presidents, who’s pensions and upkeep we pay?

When do we get to vote on whether Mr. Clinton is making too many hundreds of millions of dollars with his influence peddling?

This article was posted by Steve on Friday, April 11th, 2008. Comments are currently closed.

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