I wrote about Chris Dodd’s short-sighted, politically motivated last-minute inclusion of executive compensation limitations into the TARP bill here last month, but check out American Thinker for a post on yesterdays article in Fortune magazine. An excerpt:
Connecticut Senator Christopher Dodd, beneficiary of nepotism (his father was a beloved Senator from Connecticut), sweetheart mortgage deals, and the number one beneficiary of Wall Street donations – at least until Barack Obama came along – turnds around and bites the hands that have fed him so well over the years.
All for political gain. Yet his moves to punish, and treat in a child-like way, higih quality performers in the financial world will backfire and cause untild losses to our economy.
And another, quoting from the Fortune article:
Senator Dodd’s attempt to turn masters of the universe into bureaucrats even extends to where they dine. Instead of using the Zagat guide, TARP recipients may be expected to work from a list of restaurants “identified by the Secretary” of the Treasury, since by law he must now specify which entertainment expenditures are “excessive.” Thus, a Washington civil servant could end up judging whether a Manhattan banker can take good customers to dinner at Per Se, or whether TGIF might be elegant enough to close a deal. Your tax dollars at work.
Good stuff. Read the whole thing.
Cross-posted The Artful Doddger.