Can This Law Apply To You Too?

Rep. Barney Frank sure has an ironic sense of humor. I wish that’s what it was anyway.

Frank has introduced the “Pay for Performance Act of 2009.”

But now, in a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the “Pay for Performance Act of 2009,” would impose government controls on the pay of all employees — not just top executives — of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies.

The purpose of the legislation is to “prohibit unreasonable and excessive compensation and compensation not based on performance standards,” according to the bill’s language. That includes regular pay, bonuses — everything — paid to employees of companies in whom the government has a capital stake, including those that have received funds through the Troubled Assets Relief Program, or TARP, as well as Fannie Mae and Freddie Mac.

Can we apply this law to moronic legislators who accept tax payer money as a reward for essentially torpedoing our economy with bubbles, bailouts, earmarks and whoring out to lobbyists? Refresh my memory. Isn’t Barney Frank the weird looking guy with the speech impediment who mumbles to us that there is no problem with the way Fannie Mae and Freddie Mac operate in these videos?

Yeah, that was him. Give us back your salary you failure.