Here are some of the restrictions the Massachusetts Democrat would impose on banks that want to tap the next $350 billion in government funds to bolster their capital:
--- No payments or accruing of any bonus or incentive compensation to the 25 most highly compensated employees. So Frank now wants to restrict pay far down banks’ chain of command.
--- No compensation plans that would encourage manipulation of earnings to enhance compensation. Not sure how exactly they would even gauge this.
--- Private aircraft or leases would have to be divested. Bankers flying coach??
http://latimesblogs.latimes.com/money_co/2009/01/barney-banks-ge.html
--- No payments or accruing of any bonus or incentive compensation to the 25 most highly compensated employees. So Frank now wants to restrict pay far down banks’ chain of command.
--- No compensation plans that would encourage manipulation of earnings to enhance compensation. Not sure how exactly they would even gauge this.
--- Private aircraft or leases would have to be divested. Bankers flying coach??
http://latimesblogs.latimes.com/money_co/2009/01/barney-banks-ge.html