On Feb 20, 2009, at 2:03 PM, Michael Pollak wrote:
> Which leads us to the last thing, which I hadn't really realized
> before the (remarkable) Dodd amendment: all these TARP bank
> agreements are unilaterally and retroactively amendable by the
> government. The Congress can change the rules any way they want and
> it will apply
That works both ways: Dodd said a few hours ago that Geithner has considerable leeway in enforcing the pay caps.
> Dodd Says Geithner Has Leeway in Administering U.S. Pay Limits
> 2009-02-20 16:43:45.341 GMT
>
>
> By Steve Geimann
> Feb. 20 (Bloomberg) -- Senate Banking Committee Chairman
> Christopher Dodd said Treasury Secretary Timothy Geithner “has
> leeway” in administering the limits imposed by the government
> on executive pay.
> Dodd, interviewed for Bloomberg Television’s “Political
> Capital with Al Hunt,” said he has been “stunned” by the
> reaction to the policy included in the stimulus package signed
> into law this week.
> Bonuses paid to Wall Street employees have “infuriated the
> American people, it infuriates the taxpayers.”