If you’ve entertained sporadic thoughts that our nation is sliding into a Communist abyss, this might just seal the deal for you.
Byron York writes that U.S. Rep. Barney Frank’s House Financial Services committee has passed a bill giving Treasury Secretary and tax cheat Tim Geithner extensive control over salaries of employees working at companies receiving government bailout funds.
The measure is not limited just to those firms that received the largest sums of money, or just to the top 25 or 50 executives of those companies. It applies to all employees of all companies involved, for as long as the government is invested. And it would not only apply going forward, but also retroactively to existing contracts and pay arrangements of institutions that have already received funds.
In addition, the bill gives Geithner the authority to decide what pay is “unreasonable” or “excessive.” And it directs the Treasury Department to come up with a method to evaluate “the performance of the individual executive or employee to whom the payment relates.”
Be afraid. Be very afraid.