Update: Frank introduces new, more broad, TARP recipients bonus ban and compensation limits bill..

Update: CNBC

The House Financial Services Committee will consider legislation to prohibit any bonus payments by companies who have received government bailout funds, until investments are repaid in full, chairman Barney Frank said on Thursday.

The measure, to be considered next Tuesday, would prohibit any compensation arrangements that are unreasonable or excessive for these companies, the panel said in a statement.

The bill would also bar bailed-out companies from paying any bonus to any employee, regardless of when any bonus was agreed to, the statement said.

The panel said the full House of Representatives would be able to consider the legislation the following week.

Via CNBC Chyron..not on wires yet..hey Congress get off of my cloud…

Okay so apparently someone on the Hill caught on to the fact that the AIG bonus retroactive tax bill they passed today is unConstitutional what with it being a Bill of Attainder..

So Rep. Frank D-MASS has a new bill that will be more broad thus not directed punitively at a group of people..

Instead CNBC Melissa Lee reports this bill will totally prohibit any bonus at any TARP recipient AND allow the Treasury to SET PAY for executives at TARP receiving firms.

Way to kill the lending from banks Barney!

Sadly this will KILL TALF totally kill it…

But I suspect Team Obama doesn’t care or really is clueless..the populist anger they are stoking is dangerous and an economy killer…

When I see the taxman cometh I hoard and save I don’t feel relaxed n groovy and spend…

I don’t feel better seeing this attack against Wall St and I don’t think the rest of America does either…

Look for a slew of  top talent to go to Deutsche Bank who ironically got WAY MORE TAXPAYER TARP dollars, but theirs was laundered through AIG instead via CDS payouts okayed by Timmeh…

Also when asked about the ridiculous AIG bonus tax bill instead of having a Sistah Soljah moment, Team Obama says the President looks forward to receiving a bill. Great, good to know he sees nothing wrong with this he being a Constitutional Law Professor and all…

Today Team Obama came out claiming credit for a surge of refis created by the FED and Bernanke yesterday. Unbelievable, and I saw a clip of TOTUS coming onstage at Leno and the screaming crowd is beyond creepy…yep stockin up on supplies and GLD looks better every day…

Hey does anyone check where was Timmeh at the time the FED notified Treasury the bonus payments were due? I BETCHA ANYTHING HE WAS AT THE HEALTH CARE SUMMIT or some other NON EMERGENCY NON TREASURY priority Team Obama says can all be handled at once

Too many balls in the air and not enough balls in the leadership

/rant off

Remember to set for BSG marathon all day tomorrow leading to 2 HOUR SERIES FINALE tomorrow night, w00t!

March 19, 2009. Tags: , , , , , , , , , , , , , , , , , , , . Cabinet, Economy, Finance, Healthcare, Music, Obama Administration, Politics, TARP, Taxes, Wall St. Comments off.

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