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Dodd's Bank Regulation Soft on Penalties
Is Sen. Chris Dodd’s bite as big as his bark? No, argues an analysis from Bloomberg News, featuring one pay analyst who characterizes the new bill to restructure the financial industry as “hollow, a toothless tiger.” Under the proposed legislation, introduced by Senate Banking Committee Chairman Dodd, management wouldn't be required to follow shareholder votes on executive pay. This comes on the heels of estimates that TARP-receiving companies Goldman Sachs, Morgan Stanley, and JPMorgan Chase will hand out a record $29.7 billion in bonuses—and accusations that Dodd, who is up for reelection, is too close for comfort with Wall Street’s powerbrokers. Though the bill requires that pay be cut when based on inaccurate financial statements, it also lacks penalties to ensure that companies follow the rules.
aackc1
How is this a surprise?
Plantagenet
Dodd is in the pocket of the banks and he's going to do what bankers want.
Thats why the dems made him head of the Senate banking committee.
Progressive2
" Though the bill requires that pay be cut when based on inaccurate financial statements, it also lacks penalties to ensure that companies follow the rules."
So basically it's creating a enforcing agency that doesn't enforce?..
There's no use in having a couch with no red card.
we're misled...
Progressive2
meant to say referee
BOKOBOT
This focus on bonuses is beside the point. It's just public ire. What we should be concentrating on is getting a transactional tax passed. That way if they want to play the funny-money game on Wall Street they can do it on their own dime. BOKO
cbl99201
Hate it when Dem's disappoint me like this. Dodd, get a backbone !!
nb-moe
The Canadian banking system has been ranked #1 in the world since the global financial meltdown. Maybe America should look at Canada's system and apply their regulations. Not one bank falied, nor asked for any of the taxpayers money. In fact, not one of Canada's bank's has failed....ever!
Carole65
Guess they didn't have Fannie & Freddie to cause bank failures. One should check out just how mortages are handled in Canada.
FatFreddy
I'd love to take you out to the woodshed for that highly misinformed, partisan comment, but I'm just not in the mood. I suggest you visit some websites like Mises, Freeman and Foundation for Economic Education, not Heritage or Cato. You might actually learn something. This is not a partisan issue.
I am not familiar with Canada's banking system except that it is another centrally planned, fractional reserve, fiat money system. Sound familiar? My bank was just bought out by Toronto Dominion (TD Bank), and I am not happy with the changes. I am lucky that there are still many small, community banks in my area.
gcomeau
Oh, you were doing so well until that last sentence... then you just got greedy.
There have in fact been Canadian bank failures. There were two of them in 1985. Northland Bank and CCB. (Of course, those are the *only* Canadian bank failures since well before the Great Depression (during which even then not a single Canadian bank went under)... so you were close.)
matthewbenzor
Chris Dodd, painting a pretty picture did'nt he ,But under that canvase was cheap paper. America when are we going to say enough with "BULLCRAP" and pretending to do something when your really "NOT" doing nothing............!
XavierOnassis
Imagine that. Another government "watchdog" with a great big pork chop tied around his neck. Time for Dodd to go.
iambiguous
Go to opensecrets.com and punch in Chris Dodd's name.
You will find that a list of his campaign contributers. Here are the top five:
Securities & Investment $6,059,217
Lawyers/Law Firms $3,029,675
Insurance $2,297,696
Real Estate $1,963,073
Commercial Banks $1,302,063
How comprehensive can we expect any finance reform legislation to be coming from Chris Dodd?
george walton
This user is no longer registered.
n--Y--squareyellowpaperSanchoSotomayor
UNIONS get B-slapped by Senator Dodd, which is clearly evident when one examines the many decades that have been devoted to limit corprate bonuses, by organized labor.
Senator Dodd can not be trusted by labor, nor can the ranks of professional Democrats, who are entrenched at the International Union leadership level.
Union rank-and-file members are being thrown another dry bone by Dodd and his fellow Democrats. Legislation that contains non-binding language with regard to corporate bonuses, is just another example why organized labor must rid itself of the complete Democratic Party control, that prevents real creation of jobs, and true reform.
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