Apparently, it’s going to be difficult to get the ruined financial sector to gracefully accept seven hundred billion dollars of taxpayer-funded bailout if Congress imposes any restrictions on executive compensation. Massachusetts Democrat Barney Frank, chairman of the House Banking Committee, dropped the dime on Bald-Headed Hero & Hot Daddy Hank Paulson:
Frank, who has been in phone discussions with Paulson, said the secretary appeared receptive to adding some foreclosure-relief language. The second Democratic proposal — to impose compensation limits on Wall Street executives — is meeting more resistance.
“Hank says it’s a poison pill,” Frank said. “I say I don’t think it’s very patriotic for someone to not give up his golden parachute when we’re trying to save the markets.”
They probably don’t want to give up their Town Cars waiting at curbside or their houses in the Hamptons or their hookers and blow, either, but fellahs, the times are a-changin’. There are even more more poison pills available. The pissed-off American public, tired of bailing your sorry asses out at the end of every GOP administration, is your new pharmacist.
So get ready for your medicine, you Masters of the Universe: Dr Barney Frank is writing scrip and we’re dispensing off-brand foreign-made generics.