One of the items in the Wall Street Reform Act, a bill Mitt Romney says he wants to scrap on day one, makes executives pay for messing up.
Investors now are given a heads up on their CEO’s compensation plans and golden parachutes. That information used to be only privy to the board.
Secondly, if a public traded company restates its earnings because of accounting errors, it must seek compensation by any past, present executive office in excess of what was under reported. Which means it comes out of the bosses pay…. Hooray! Rejoice. Rejoice.
Third, if a large financial company is put into receivership, the FDIC can take back ANY compensation over the past two years, received by any senior executive or director, past or present, who was substantially responsible of the loss of the firm…..
These are teeth you can’t get put in by a Republican. Only Democrats have the balls to take on big banks and big financial firms. We don’t need a goofy Republican president with a pair of marbles.