Friday, February 13, 2009

The Dodd Amendment

As if the stimulus bill wasn't bad enough, Senator Chris Dodd found a way to make it even worse. Very quietly Dodd inserted a provision in the bill which is now law that: any financial institution that received TARP money (or any federal assistance) can no longer pay any of their top 25 employees a bonus that exceeds one-third of total compensation!

The Dodd Amendment shows the complete insanity and vindictiveness of the current Democratic Party orgy. Interestingly, to some extent, they are devouring their own. Most of the big Wall Street fat cats are Democrats. Richard Fuld, the Lehman chief that was publicly skewered by Barney Frank and his minions, was one of the heaviest individual contributors to the Democratic Party in the country.

The next group that will feel the wrath of these maniacs will be the hedge funds and the private equity firms. They were also mostly heavy Democratic contributors. After that, they should get around to their good pals Buffett and Gates. It shouldn't take much to put those guys on the hot seat as well. After all, everyone knows how evil Microsoft is and Buffett has been aiding and abetting shops like Goldman Sachs and others.

As Obama and his Democratic allies push the economy over the cliff, they seem to revel in holding business people up to ridicule. One wonders how deep the hatred for free enterprise runs in our new President and his Congressional allies. They can't seem to let a day go by when they are not villifying and demonizing the very people that they seem to expect to provide jobs for American workers. Or perhaps they no longer consider the private sector worth preserving.

Their next move to destroy jobs and damage the country will be the move for "card check." This will make having employees more odious and business folks will obviously be looking for ways to reduce their employment rolls if this passes. Maybe we could get to the end game sooner if Obama and the Congress just passed a law saying that anyone who hired a new employee would be shot at dawn. Why temporize?