The "Politics" section of Fark is just not a good source for reasonable political discourse. You can get funny headlines, every now and then, and that's worth something. Most of the time, though, it is an echo chamber (at worst, a popularizer of bad information). With that in mind, here is the headline:
Not funny and not true. Bad Fark. Jane Hamsher has the goods:But the bill that passed the Senate actually made the compensation limits retroactive, according to the Wall Street Journal...Between this and the public declaration of Geithner's job being safe, one is left wondering who exactly is directing the cover-your-ass campaign? Has the party given up Dodd for dead?
Who pushed back against Dodd, and told him to neuter the provision? The WSJ says Geithner and Summers...
Dodd's version prohibited TARP recipients from paying out bonuses, retention awards or incentive compensation to the 25 most highly compensated employees. It also prohibited any employee of a company receiving TARP funds from making more than the President. Both provisions would have been in effect so long as a company was receiving TARP funds. Since AIG just paid out $1 million in bonuses to 73 employees, Dodd's version limiting all employees to
what the President made (roughly $500,000) would have substantially nipped that in the bud...
So -- in the end, all compensation limits only applied to contracts written after February 11, at the specific request of Timothy Geithner, and AIG was able to pay out $286 million in bonuses on Sunday...
(h/t Brian Beutler)
