Special Report
Wall Street, Prepare to Be Hammered
Barney Frank is in a foul mood.
While the political world is obsessed with Scott Brown's close race against Martha Coakley in Massachusetts and Senate Majority Leader Harry Reid's use of the word "Negro" in referring to President Obama, the chairman of the House Financial Services Committee is moving forward with plans to have Washington dictate how much money Americans employed in the financial industry can earn. And today, President Obama announces plans to create a new bank tax "intended to constrain risk-taking and discourage out-sized bonuses," as the Washington Post put it. The drive to punish Wall Street is on.
"The question of compensation, particularly in the financial industry, is a legitimate cause of concern in the country as a whole and we are going to address it," Rep. Barney Frank, D-Mass., said Wednesday. He set Jan. 22 as the date his committee would hold a hearing on financial industry compensation. It is to be a precursor to federal regulation of such compensation, Frank made clear.
In a press conference, Frank openly mocked employee compensation in the financial industry.
"There may be in some of these financial institutions people capable of playing major league baseball, I'm not aware of that," he said in reference to arguments made by some in the financial industry that high pay and big bonuses are necessary to attract and keep top talent. "I don't know where people would go for comparable salaries," he said.
Americans ought to find it highly disturbing that the chairman of the House Financial Services Committee, the man in charge of legislation that regulates the financial industry, has no idea that entrepreneurs and executives of other types of businesses often earn more than people on Wall Street. Of the top 25 highest-paid executives in America in 2008, only one ran a financial services business, according to Forbes magazine's 2009 CEO compensation rankings. The CEO of Capital One Financial ranked 64th, 11 places behind the CEO of Public Storage, a California self-storage company. The much-maligned Ken Lewis, CEO of Bank of America, ranked 104th, behind the top executives of Sherwin-Williams, Smucker's, and Mattel.
Anyone with the slightest understanding of the business world would be at least casually aware that Wall Street does indeed compete with other types of industries for top talent. Frank dismisses the very idea with a crack about bankers playing professional baseball.
Frank might be interested to learn, incidentally, that Forbes magazine reported last year that the CEOs of the nation's top 500 companies took an average 15 percent pay cut in 2007 and another 11 percent reduction in 2008. No, they aren't suffering, but the idea that big-time corporate bosses aren't seeing reductions in their pay in the down economy is untrue.
Mocking the idea that firms would move overseas if their compensation were too heavily regulated, Frank, aware that the UK is also moving to restrict pay, said, "By the time they're through, they're going to have to go to Mars to escape the determination to restrict."
Does Frank really believe that some nations won't seek these companies out by creating a more palatable climate for them and their officers and employees?
Probably his most disturbing comment was this: "Companies have said that they had no option but to pay what seem to be outsize forms of compensation, frankly, for the social value. They say they will lose people to other companies. Well, that's an argument for us doing it by statute and regulation so there's uniformity."
Frank believes Washington should make it illegal for financial firms to compete for employees by offering better compensation than their competitors. And he believes the Constitution grants Congress the authority to do so.
If Congress were to set uniform pay rates throughout the financial services industry, why would anyone work for a bank or investment firm who had the option of making comparable pay anywhere else?
While Frank is plotting to dictate how much bankers and stock brokers can be paid, President Obama is planning to use the tax code to reduce what bankers can be paid and to give small banks a competitive advantage over larger ones. His new tax would apply only to large banks.
But even that's not enough for some Democrats in Congress. Some want a 75 percent tax on bonuses, others a tax on all financial transactions, the Washington Post reports.
Last year's saber-rattling over Wall Street bonuses was only the beginning. The Democrats in Washington are preparing to make an example of the entire financial industry. They plan to use the recession and public distrust of Wall Street to confiscate as much wealth as possible from the financial industry.
And the most frightening part is that they really believe these moves won't have a negative effect on the broader economy. They apparently believe Wall Street operates in a vacuum in which all money handled by banks, brokerages, and investors is self-contained within Wall Street and available to no one else. If they get their way, much of it will no longer be available to American businesses, but only to the constituencies and pressure groups favored by the administration and the majority party in Congress which confiscates it.
About the Author
Andrew Cline is editorial page editor of the New Hampshire Union Leader. His Twitter ID is Drewhampshire.
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Dollface| 1.14.10 @ 7:10AM
The whole idea of Barney Frank dictating how much money someone can make is disgusting. He has only been intimately involved in running one business in his life and it was ultimately unsucceessful. His call-boy ring got busted.
jack| 1.14.10 @ 7:40AM
This guy must have pics on every one. I guess the media and repubs are afraid of being called homophobic. How is someone so completely incompetent and so corrupt allowed to destroy our economy and country. Make no mistake Barney increased Fannies exposure to risky investments and Barneys role in protecting Fannie from regulators was the main factor in the financial meltdown. NO ONE, I REPEAT NO ONE would own or originate a sub prime loan if Fannie was not there to buy it and back them up. We know Dems looted Fannie for personal and political wealth. We have evidence in the form of the Countrywide 6. Dem senators were influenced to look the other way as Angie the tan man sold all of his fraudulent and sub prime garbage to Fannie. No one has gone to jail. WTF is going on here? This is E nron times 1000. Where is the media? Blaming Wall Street for a the greatest scandal in US history when the root and cause was 100% socialist grifters like Barney.
I know the Repubs sucked when they had power, but i will trade Delays golf trips for the trillions Dems have cost us
R Martin| 1.14.10 @ 9:54AM
So appropriate for a huckster of Mr. Frank's proclivities, all this Wall Street bashing is nothing more than financial penis envy. It is also an obvious (and successful) red herring to shift blame from where it really belongs. As Jack (and Bill below) point out the real blame rests with Congress and the Fed. The free enterprise financial services industry simply played the game according to the rules set by those two entities.
I used to think the Clintons were shameless. Barney Frank makes them look pious. What in the world are the people of Massachusetts thinking with this guy?
Ron| 1.14.10 @ 7:36PM
You should have mentioned that the Treasury removed the 400 billion cap that had been placed on funds Freddie and Fannie can get. I believe they have morphed into totally unrestrained money pits. This after bringing world-wide financial markets to their knees. Ain't America great?
Bill| 1.14.10 @ 8:29AM
Well lets see here... Chris, Barney and a good number of other dems changed the requirements for banks to operate under. The Community Reinvestment Act and subsequent changes in underwriting requirements opened the flood gates for the government to again create a disaster. In order to take the heat off of where it belongs.. anyone remember personal accountability...they turn around and blame the banks that are under Federal supervision. Barney and the Dems are counting on the fact that most of the country does not understand the history behind this mess and so they attempt to look good by creating some class warfare. The baby boomers, empty nesters, the ones who are tuned in to what is going on are now awake and paying attention. We are not buying this lie. Oh.. and I think a document called the Constitution of the United States causes a bit of a problem for Barney, Chirs and Barry O and the rest of the den of liers and robbers.
Check out the You Tube clip called America Rising.... we the people are coming for the likes of Barney... it is already starting and picking up steam.
MTB| 1.14.10 @ 2:33PM
Jack, R. Martin and Bill, you are all right on. Barney Frank, Chris Dodd and Maxine Waters are directly responsible for the decline and fall of our economy. Barry O and the dems in Congress are responsible for the lack of recovery. The Fannie/Freddy regulator raised concerns about the solvency of Fannie and Freddie and recommended tighter restrictions. A hearing was held in Congress, heard the comments with my own ears. Barney and Maxine all said Franklin Rains (CEO of Fanny or Freddie, I can't remember which) was doing a great job, there were no problems there. They all said the problem, then, had to be with the reulator. They blasted him. Less than a year later, the housing bubble burst and everything fell apart from there. Barney Frank was just re-elected last year. I wish the people in Massachusetts would stop sending this ignorant, corrupt, lying scumbag bag to Congress. Lastly, his attempt to reign in our financial industry is nothing less than a dictatorial/fascist attempt for the dems to take over the country. First medical care, then the banks. Then communications. Then tyranny. God Bless (and help) the United States of America.
Ken (Old Texican)| 1.14.10 @ 9:41AM
Mr. Cline
In light of what I just read on another site, this article makes little sense.
I personally believe Barney is just making empty noise. From what I gather, the finance community has already made him a multi-millionaire...on the sly.
Ken (Old Texican)| 1.14.10 @ 10:31AM
Here is the article http://www.americanthinker.com.....lican.html
WalkingHorse| 1.14.10 @ 10:12AM
It is easy to demonize well-heeled financial types for political gain. Once Frank & Co. are finished with them, it will be entertaining to see who is singled out to be politically and economically sodomized, in violation of the Constitution. One of two things will happen: (a) either Frank & Co. run out of victims, or (b) they eventually pick a victim inclined to fight.
crookedwren| 1.14.10 @ 10:29AM
How about a Federal Govt. statute restricting Barney Frank's salary! I'd vote for that -- That's a statute America could get behind. Bipartisan support for that baby, at least from the voters' standpoint.
Oldefarte| 1.14.10 @ 10:51AM
It's a shame that he didn't seek to restrict the income/bonuses of the male/homosexual prostitutes that once were operating out of his apartment!!!!!!!!
Bruce| 1.14.10 @ 11:23AM
As much as I despise Barney, I actually thought he was brighter than this.
He’s proposing a special tax on banks to penalize them for the bank bailout that tax payers had to finance. Yet, tax payers use banks, and the banks won’t pay the tax, but instead will pass it on to their customers (tax payers). So Barney is adding another tax to tax payers to penalize them for the bank bailout that they (the tax payers) had to finance.
Am I missing something?
Smile| 1.14.10 @ 12:31PM
Yes. Banks and investment banks are not the same thing.
Ron| 1.17.10 @ 2:06PM
Prior to 1999, the Glass-Steagall Act created a Chinese wall between banks and investment banks. The Financial Services Modernization Act of 1999 changed a lot of that.
Bob| 1.14.10 @ 11:24AM
Regulating people's salaries in a capitalist society is distinctly un-American. This is akin to closing the barn door after the horse left. However, we do need regulation requiring capital reserves for things like derivatives and swaps and we need to hold companies responsible for their mistakes, i.e., no bailouts. You cannot have a free market without appropriate regulations (but not regulations that tell companies what to sell). If we make companies responsible for their actions, then we don't need things like salary caps. Democrats want punitive action which is not only unjustified, but will hurt our economy. However, Republicans seem to be blind to appropriate regulation preferring to take the populist approach that any regulation is wrong. The requirement for capital reserves is both appropriate and helpful for our economy.
Tim| 1.14.10 @ 11:52AM
Tax baby, TAX!
pugsley| 1.14.10 @ 12:07PM
When you think of Frank and his yapping just think of two opposing lawyers going at it hammer and tong and then when the case is over they go to lunch together to talk about the case they are working on together. Nuff said. All show no go.
Dave| 1.14.10 @ 12:09PM
The difference is that the businesses of those execs in non-finnacial firms actually produce a product(s), in most cases. Banker hacks produce nothing but recession and earn their living off of the backs of those that can least afford it. They've obviously made a pact with the devil and deserve every bit of bad press, regulation and fees they are getting.
Smile| 1.14.10 @ 12:37PM
Exactly. I'm always astounded by conservatives who go all out defending investment banks. The whole system is just a shadow bureaucracy of goons who do nothing but reap transaction costs from people doing real work. Interestingly enough, most investment bankers are liberals. Though they do contribute pretty equally to both parties. Gotta cover all your bases in this business.
Bob| 1.14.10 @ 1:13PM
I don't know where you get your information, but most investment bankers are Republicans -- it's not even close. I know, I worked on Wall Street. The reason for this is that their livelihood is enhanced by deregulation. On the other hand, many investors like Warren Buffett are Democrats.
Well known Republicans include people like Hank Paulson and Phill Gramm. Yes, there are some Democrats in the mix, but it is hard to be a Democrat on Wall Street unless you live with needs for your job conflicting with personal beliefs. My guess is that a lot of Wall Street people today consider themselves "independents" as they don't want to be associated with the religious right.
jd| 1.14.10 @ 6:22PM
You do know that 2 of the 3 Wall Street financial firms that collapsed were run by men who are Democrats -- Democrats who contributed mightily to the Democratic party. Do your research before you use class warfare tactics to turn people against Wall Street. The real corruption is in Congress and the Fed. The whole mess started with the subprime lending of Fannie Mae and Freddie Mac....and what a coincidence that they were headed by corrupt Democrats who pocketed MILLIONS.
Dollface| 1.14.10 @ 6:39PM
If most investment bankers are Republicans, how come they give most of their campaign contributions to Dems? Protection money perhaps?
R Martin| 1.14.10 @ 1:17PM
What a load of shocking, ignorant rubbish. Our economic system is called capitalism. It is driven by capital, investment and entrepreneurship, and it is the banks who help direct that capital to productive purposes. Hacks? Look to congress if you seek a nest of hacks.
You seem to think producing widgets is all that matters in a functioning economy. Consider a couple of examples where bankers, using "intangible products" provide critical services to business enabling them to grow, prosper and maintain employment.
An airline, in some financial trouble (as airlines often are) needs to purchase jet fuel to operate and, in fact, needs long term forward purchase contracts to manage its costs in a volatile energy market. The airline's financial status precludes simple or conventional solutions. It is bankers who create the structures and financial products to enable the airline to continue operating. And yes, they are called derivatives.
Perhaps you have green liberal views. Let's say a European company wants to purchase and operate an American company's electricity generating wind farm. Big money, hundreds of billions. The buyer does not want to take a complete flyer, so he requires the seller to purchase electricity from that wind farm for years and years into the future. How can that happen? Bankers do it with derivative commodity futures.
There are thousands of similar examples. Pacts with the devil? Think a bit more deeply the next time you fly or turn on your computer to write this sort of drivel, and that goes for you, too, Smile.
Bob| 1.14.10 @ 1:55PM
Commodity futures require capital reserves. Derivatives used for segmented securitization did not. Neither did swaps. Yes, financial institutions are important for our economic system, but many hedge funds and exotic/unregulated financial instruments have no intrinsic value to our economic system and only serve to remove capital from other enterprises.
I wouldn't do a large acquisition without an investment banker, and you can't finance a company without banks, but institutions that borrow from the Fed at 0% and then buy treasuries at 3% devalue our country. Instruments like mortgage derivatives leveraged at 30 to 1 and swaps leveraged at 60 to 1 are dangerous for our economy.
The trick here is to regulate properly without telling these institutions what products to pursue. On average, I would agree with you that they are very necessary, but when they become unbalanced without proper reserves, they are so large now they can bring down our economy.
Jeff Perren| 1.14.10 @ 11:01PM
"Dave| 1.14.10 @ 12:09PM
The difference is that the businesses of those execs in non-finnacial firms actually produce a product(s), in most cases. Banker hacks produce nothing but recession and earn their living off of the backs of those that can least afford it. They've obviously made a pact with the devil and deserve every bit of bad press, regulation and fees they are getting."
False, and morally (and Constitutionally) irrelevant anyway.
Banks and other financial firms create liquidity, provide investment capital, and many other products and services that are vital to creating new wealth.
But that simple fact of basic economics is completely irrelevant in this context anyway. Neither you nor any other citizen has a right to dictate who shall make how much, provided the individuals in question are engaged in free trade without fraud.
Furthermore, it violates the equal protection clause of the Constitution (and other elements, such as the 5th amendment protection of private property, and others).
I worked on Wall Street (for two years for what was the 7th largest investment bank at the time) and I know first hand that most of the individuals you despise are, indeed, unsavory people. That is irrelevant, provided they do not commit fraud (embezzlement, etc).
Neither you nor I have any right to decide for others what those others will be allowed to pay employees, unless you own a majority stake in the company. (I'm assuming you don't or you probably wouldn't be here commenting on the issue.)
Your outrage does not give you (or Barney Frank) the right to violate the rights of individuals you dislike, even when your dislike is justified.
Barney Rubble | 1.14.10 @ 1:08PM
Hey, lets have a cap on how much BARNEY FRANK CAN EARN!!! Hee hee hee, hee hee hee hee hee!!!
Tony in Central PA| 1.14.10 @ 1:15PM
We in the rest of the country continue to suffer because of the epidemic of mental illness in Massachusetts.
Dean| 1.14.10 @ 1:19PM
While I completely disagree with Barney Frank on nearly everything, including whether or not the Feds should regulate pay in private industry, I do believe many of these bonuses are outlandish.
It is unfortunate that the boards of directors, who are supposed to be managing compensation, are basically rubber stamps on executive pay. In far too many instances, CEOs and their management teams were making horrible decisions that led to unprecedented losses in company value, but yet they are being paid as if no value was lost.
Ultimately, their employees were the big losers as they were laid off, took hits in their pay (which pales in comparison) and lost most of their 401K. The bonuses are a problem. However, corporate boards have to be doing their jobs of oversight to address this issue and not the federal government.
MTB| 1.14.10 @ 2:41PM
You're right, it is not hte federal govt's job to police bonuses. Outlandish or not, it's no one's business how much a company decides to pay out in bonuses . . . period. Not yours. Not mine. Certainly not the president's, Congress or a senator. Incidentally, those bonuses ARE taxed when the payee files his/her tax return. So, the country is not losing out. I tell you what, if I went to college for 5-6 or more years to earn an MBA, took a job in a very expensive, hard-to-live in city like NYC, worked tons of hours every week, I think I'd deserve a bonus, too, especially if I helped bring in money to the company, which eventually pays a hefty tax to the country. We WANT businesses to be successful. The more money they make, the better. Yea capitalism!
Pete| 1.14.10 @ 1:30PM
They deserve whatever the market with bear, period. Personally, you couldn't pay me enough to live in some god-awful city like NYC, rent an 800 sq ft apartment that costs 2-3x my mortgage, work 80-100hr weeks and never see any open sky.
Pete| 1.14.10 @ 1:30PM
WILL bear, that is.
gary| 1.14.10 @ 2:33PM
Barney's equal culpability renders his words of admonishment hollow.
MTB| 1.14.10 @ 2:36PM
TAX! TAX! TAX! Don't the democrats know how to do anything else. Once we're all broke, who's going to be left to pay taxes?
Carner York| 1.14.10 @ 3:10PM
The parallels between what Hoover and FDR did during the Great Depression to what Obama, Frank and the gang are doing now are incredible as they are frustrating! I fully expect the Fed to install an emergency minimum wage hike so consumers will have more purchasing power. Talk about not learning from the past! But then again, maybe Obama has learned all too well how to bring down an economy and create as much dependence on government as possible.
Scott Cason| 1.14.10 @ 4:40PM
I don't know what else to say about this other than this does resemble fascism. The sooner November 2010 can get here and we slow down the democrats assault on free market capitalism and our economy as a whole, the better.
Anthony| 1.14.10 @ 4:59PM
What would Barney the Frank know about a profession that competes for the "best and brightest"? Certainly politics does not qualify; talk about lowest common denominator, especially this bunch of Democrat reprobates.
Hey Barney, speaking of little league and assets that are under valued, perhaps you can join Bush basher and sex pervert Scott Ritter, and the both of you can show off your mini assets on the Scott Ritter pervert web site, while you guys work both sides of the street; Scott for underaged girls and you for underaged boys. If caught, revert to Algore's line, of "no controling legal authority", or better yet, Shakespeare's, "much ado about nothing".
DatsunMark| 1.14.10 @ 5:59PM
Legislatively restricting pay to a certain group is a *Bill of Attainder* and unconstitutional. We'll the republicans use that argument? Why are Unions getting a tax break on their Health Care benies while all others pay: another Bill of Attainder. This is identity politics at it's worst.
Radioman 777| 1.14.10 @ 6:23PM
Barney Frank couldn't identify marijuana, didn't know his (whatever the term is, depends on who's the dominant one, I guess) was running a male prostitution ring, and expects to run businesses. But, he certainly is successful at one thing: Being a Soviet apparatchik!
Richard Baker| 1.14.10 @ 6:38PM
Time to cull the tyrannical herd. Sic Semper Tyrannis. Keep your powder dry.
Mike| 1.14.10 @ 8:22PM
Right wingers are outraged by what Wall Street did to ruin our economy and they are apoplectic about the government bailouts. But now that the government is proposing to tax Wall Street to recover taxpayer money, all the right can do is scream about taxes and make excuses for why the banks shouldn't have to repay the American taxpayers. The triumph of ideology over common sense. I for one want the taxpayers' money paid back, preferably before the large bonuses are paid.
Jeff Perren| 1.14.10 @ 11:11PM
The AIG, etc bailouts, TARP (and the subsequent 'stimulus' bill), etc were definitely immoral and unconstitutional. But don't demonize the bankers, even when they're demons. Demonize those who deserve it: the politicians who created the need to bail them out, and who refused to take the proper way out by not allowing them to fail.
In any case, the TARP funds were forced on most of them and are being repaid (which the Feds tried to resist) with interest.
Make it illegal for the Feds to bailout anybody, anytime, for any reason. At the same time, change the system to forbid them from creating boom-bust cycles in the first place by, for example, eliminating the Federal Reserve's power to manipulate the money supply and interest rates.
Return to free market capitalism and these problems will be trivial. (They were only semi-large in the 19th century from time to time, and then short-lived out of Federal interference and the primitive state of the economy of the day).
The Clintidote| 1.14.10 @ 9:58PM
This parasitic old poopusher needs to be exposed, reviled and ridiculed - not tolerated. Let's remind everyone how he conveniently "didn't notice" the homo whorehouse run by his former boyfriend in the home they shared.
Let's further remind everyone how this idiot cooked up the mortgage-loan fraud schemes that resulted in the disaster we're being forced to pay for now.
A "man" this stupid and venal belongs in the Safeway parking lot, rounding up shopping carts, not stealing and wasting other people's lives, assets and liberties.
Jeff Perren| 1.14.10 @ 11:13PM
"And he believes the Constitution grants Congress the authority to do so. "
It's doubtful Barney Frank knows what the Constitution says, or would care if it were pointed out.
Weener Frank| 1.15.10 @ 1:35AM
How come Barnyard Frank doesn't have AIDs, yet? And why do Democrats rob banks? Because that's where the money is.
Anthony| 1.15.10 @ 5:49AM
I wonder if Barney Frank ever heard the old maxim, "You tax something, you get less of it"?
But then, the old homo is just playing to the cheap seats in his little backwater rotten borrough anyway.
I think that, since everybody knows these taxes will be passed along to the customers, this is just a brazen move to raise taxes on the middle-class by using Wall St, as the collector. Much like Clinton did with the tobacco industry.
Howard Roark| 1.15.10 @ 5:51AM
What apparently the Congressman doesn't understand is that real economic growth requires people to make risks, but then again I'm sure he understands this all too well.
Barney Frank is Wesley Mouche to a T!
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