Sunday, August 02, 2009

Curb Wall Street Pay

The House of Representatives has voted to curb Wall Street Pay. Or have they? The legislation still needs to be passed by the Senate. The bill would give shareholders a nonbinding vote on compensation packages and prohibit directors on compensation committees from having a financial relationship with the company and its executives.

Politicians who should understand voting, should know a non binding vote is toothless. Congressmen are playing with the average citizen and saying they are doing something. Wall Street will still need to pay its top producers. If not, everyone will just move to London.

The game is all about the optics. The average voter is losing his job, big financial firms are in jeopardy and a select few drive away in limousines. Most congressmen are up for re-election next year lets talk about campaign contributions that will be coming from Wall Street