Fri Mar 17, 2023, 10:05 PM

Biden asks Congress to give regulators authority to claw back executive compensation

President Biden is calling on Congress to give regulators the authority to claw back executive compensation in the wake of a string of bank failures.

"When banks fail due to mismanagement and excessive risk taking, it should be easier for regulators to claw back compensation from executives, to impose civil penalties, and to ban executives from working in the banking industry again," Biden said in a statement.

"Congress must act to impose tougher penalties for senior bank executives whose mismanagement contributed to their institutions failing."

Biden's comments come after the president said Monday "no one is above the law" and those responsible for the failures should be held accountable.

https://finance.yahoo.com/news/biden-asks-congress-to-give-regulators-authority-to-claw-back-executive-compensation-171255897.html

Seems fair but I have my doubts the Republicans will play along.

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9 replies	Author	Time	Post
Biden asks Congress to give regulators authority to claw back executive compensation (Original post)	Yo_Mama_Been_Loggin	Friday	OP
All the money they spent lobbying to undermine Dodd-Frank should be clawed back.	Snarkoleptic	Friday	#1
Make it so. nt	BootinUp	Friday	#2
the corporate press will bury this important news	mucifer	Friday	#3
I wish all excessive executive comp was escrowed	IbogaProject	Friday	#4
Until executives are held legally and financially accoutable	Phoenix61	Saturday	#5
The owners (Shareholders) need to be held responsible too	dickthegrouch	Saturday	#6
It wouldn't matter to the ones in charge.	Phoenix61	Saturday	#7
Make them refuse potus, and go on the record.	lindysalsagal	Saturday	#8
YES!!!	Samrob	Saturday	#9

Response to Yo_Mama_Been_Loggin (Original post)

Fri Mar 17, 2023, 10:11 PM

Snarkoleptic (5,930 posts)

1. All the money they spent lobbying to undermine Dodd-Frank should be clawed back.

Not gonna happen, but I'm a dreamer.

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Response to Yo_Mama_Been_Loggin (Original post)

Fri Mar 17, 2023, 10:12 PM

BootinUp (43,980 posts)

2. Make it so. nt

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Response to Yo_Mama_Been_Loggin (Original post)

Fri Mar 17, 2023, 10:28 PM

mucifer (22,259 posts)

3. the corporate press will bury this important news

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Response to Yo_Mama_Been_Loggin (Original post)

Fri Mar 17, 2023, 10:30 PM

IbogaProject (1,670 posts)

4. I wish all excessive executive comp was escrowed

So much problems could be headed off if they can't grab huge payouts quickly. Twenty years tied up in the firm's stock for any compensation beyond 5 or 10 times median income. Anything past $300K should be held in escrow in the firm's securities.

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Response to Yo_Mama_Been_Loggin (Original post)

Sat Mar 18, 2023, 08:34 AM

Phoenix61 (15,425 posts)

5. Until executives are held legally and financially accoutable

for this kind of crap it’s not going to end.

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Response to Phoenix61 (Reply #5)

Sat Mar 18, 2023, 08:31 PM

dickthegrouch (2,931 posts)

6. The owners (Shareholders) need to be held responsible too

They should have to pay whatever proportion of the loss they actually own. Yes, it’s a complicated calculation but computers are completely capable of figuring it out in microseconds.

Retirement funds are likely to suffer the most, but maybe when they are paying more attention, the executives will pay more attention.

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Response to dickthegrouch (Reply #6)

Sat Mar 18, 2023, 09:18 PM

Phoenix61 (15,425 posts)

7. It wouldn't matter to the ones in charge.

Look at Goldman-Sachs or Enron. The executives were completely willing to tank the company as long as they got their bonuses. What you’re suggesting did happen at Enron and the big losers were the stockholders.

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Response to Yo_Mama_Been_Loggin (Original post)

Sat Mar 18, 2023, 10:46 PM

lindysalsagal (18,937 posts)

8. Make them refuse potus, and go on the record.

This is what makes convincing tv campaign ads.

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Response to Yo_Mama_Been_Loggin (Original post)

Sat Mar 18, 2023, 11:10 PM

Samrob (4,124 posts)

9. YES!!!

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