Administration: Rein in pay in US private sector - Yahoo! FinanceWASHINGTON (AP) -- The Obama administration says executive compensation must be better managed to prevent the sort of risk-taking that jeopardizes the economy.
Gene Sperling, who advises Treasury Secretary Timothy Geithner, said Thursday the administration does not want to impose caps on executive pay. But he also laid out for the House Financial Services Committee a list of guidelines calling on publicly-held companies to link compensation to long-term performance, not short-term gains.
Sperling said in prepared testimony that the administration believes compensation practices "must be better aligned with long-term value and prudent risk management at all firms, and not just for the financial services industry."
Obama knows best children.
Isn't government... telling private business how to operate.. just a bit fascist?
[ame=http://en.wikipedia.org/wiki/Fascism]Fascism - Wikipedia, the free encyclopedia[/ame]In the economic sphere, many fascist leaders have claimed to support a "Third Way" in economic policy, which they believed superior to both the rampant individualism of unrestrained capitalism and the severe control of state communism. This was to be achieved by a form of government control over business and labour (called "the corporate state" by Mussolini). No common and concise definition exists for fascism and historians and political scientists disagree on what should be in any concise definition.
Why.. yes Obama does seem to be economically.. quite the Fascist minded President.