{"id":32635,"date":"2009-06-10T01:01:01","date_gmt":"2011-05-19T02:20:11","guid":{"rendered":""},"modified":"2011-05-19T02:20:11","modified_gmt":"2011-05-19T02:20:11","slug":"timmy_and_barney_on_pay_caps","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2009\/06\/10\/timmy_and_barney_on_pay_caps\/","title":{"rendered":"Timmy and Barney on Pay Caps"},"content":{"rendered":"<section>\n<p>RUSH: Timmy Geithner, the tax cheat, held a press conference to talk about the Obama administration\u2019s plans to &#8216;rework\u2019 executive compensation rules. Geithner tried to pull an Obama. He tried to do doublespeak, like Obama does. Let\u2019s listen together and see if Little Timmy was able to pull it off.<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125116.Par.89380.ImageFile.jpg\" width=\"250\" height=\"187\" class=\"alignright\"\/>GEITHNER: Looking forward, we\u2019re going to support giving SEC legislative authority for say-on-pay legislation. What we\u2019re not doing, we\u2019re not proposing ongoing government role in setting policy on compensation. We do not believe it\u2019s appropriate for the government to set caps on compensation. We are not going to be proscribe (sic) detailed, uh, proscriptive rules for compensation. We think all those things, uhhhhh, would be ineffective, could be counterproductive in some ways and we\u2019re going to try to find a right balance looking forward.<\/p>\n<p>RUSH: This is just unbelievable. See, Obama can get away with this. Obama can get away with saying he\u2019s not going to do something while announcing that he\u2019s going to do it. Timmy can\u2019t do it. What they\u2019re trying to say is they\u2019re going to walk back on this notion that they\u2019re gonna cap executive compensation. &#8216;Yeah, we\u2019re not going to&#8230;\u2019 They\u2019re going to let Congress do it. Obama\u2019s walk&#8230; The Obama administration, &#8216;Oh, we\u2019re not going to do that,\u2019 is what Little Timmy\u2019s trying to say here. So they\u2019re going to leave it to Congress to handle it on the bonus side but they\u2019re not walking back from anything here. To the extent that they\u2019re making the announcement, they want everybody to think they\u2019re walking back because they\u2019re panicking in the Obama White House, trust me. They are in trouble. They don\u2019t have universal love and support backing everything he\u2019s doing, despite&#8230; You won\u2019t know this because the government-controlled media does not report such things. Now, the next phase of this was, reporters wanted to ask questions. A reporter said, &#8216;How does this reconcile with the TARP guidelines on executive compensation, Mr. Secretary?\u2019<\/p>\n<p>GEITHNER: I\u2019m not going to take any questions on that! But we\u2019re going to be laying out, uhhh, relatively soon the detailed regulations to apply to congressional conditions on, uh, compensation for companies that have capital investments from the government. Thank you all for coming.<\/p>\n<p>RUSH: I\u2019m not going to take any questions on that. Obama did the same thing the other day, &#8216;Come on, guys. I\u2019m not talking about that.\u2019 &#8216;Oh, okay! Sorry. We didn\u2019t mean to offend you.\u2019 So let\u2019s go over to the authority on all of this in Congress &#8212; executive pay, compensation and bonuses &#8212; none other than Barney Frank. He was on MSNBC this afternoon. Andrea Mitchell and her show, and her question: &#8216;I know a lot of this legislation is legislation you proposed back in 2006 that in fact then-Senator Obama joined in the Senate. Why don\u2019t you tell us what you\u2019ve done today and how it comports with what you\u2019re doing on the Hill.\u2019<\/p>\n<p>FRANK: No one is setting pay caps. No one is &#8212; at least that I\u2019m aware of, is &#8212; trying to put any limits on the actual amounts. We are saying that shareholders should have a major say. The problem has been that boards of directors and CEOs are each other\u2019s best friends. They\u2019ve picked each other. Boards of directors have not proven to be a really independent check in this regard. So we\u2019ve adopted what the British have had for a long time called say-on-pay. When you have the annual proxy vote &#8212; that has to be sent out to the shareholders anyway, no extra funding is required &#8212; you give them a chance to say whether they approve or disapprove the total compensation packages.<\/p>\n<p>RUSH: The Banking Queen, Barney Frank, has just told us how it\u2019s going to go down. <\/p>\n<p>(playing of Banking Queen parody) <\/p>\n<p>RUSH: Barney Frank with the vocal portrayal there. (snorts) Sheh! What a bump! What a bump to come out of there at that one, rinky-dink, Dave &#8216;Baby\u2019 Cortez, 1963, I believe. <\/p>\n<p>Okay, folks, just to repeat now. It hasn\u2019t been posted yesterday, but it\u2019s soon coming. A congressman says that captured terrorists &#8212; in fact, high-value detainees; high value detainees in Afghanistan, terrorist detainees &#8212; are being read their Miranda rights on orders from the Obama administration. Now, I want you to stop for just a second here and imagine the ramifications of this. If this is true, if we\u2019re reading noncitizens Miranda rights and thereby granting them citizenship, then how can we deny citizenship to illegals working and living in the United States?<\/p>\n<p>BREAK TRANSCRIPT<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125116.Par.4584.ImageFile.jpg\" width=\"300\" height=\"431\" class=\"alignright\"\/>RUSH: By the way, Barney Frank in that last sound bite we played said, (paraphrasing) &#8216;No, we\u2019re not gonna have pay caps, we\u2019re just going to have the shareholders, we\u2019re going to have a chance to do what they do in Great Britain, it\u2019s say-on-pay. Give them a chance to say whether they approve or disapprove the total compensation package.\u2019 Barney, the big difference is that shareholders don\u2019t pick the CEOs and the board of director doesn\u2019t choose the CEO, Obama is choosing CEOs! Now, this next bite, this is Barney Frank, CNBC this afternoon, and the guy questioning Barney Frank is Roben Farzad. He is from BusinessWeek magazine, and this is pretty good.<\/p>\n<p>FARZAD: Do you look back at your career and ask yourself, why are we always so late to the game as regulators? Whether it\u2019s the S&amp;amp;L crisis, you clearly could have seen all this stuff in \u201905 and \u201906.<\/p>\n<p>FRANK: Oh, I did see it in \u201905 and \u201906.<\/p>\n<p>FARZAD: Why didn\u2019t you say anything else? <\/p>\n<p>FRANK: I did, because the Republicans were in control &#8212;<\/p>\n<p>FARZAD: No, you can\u2019t blame the Republicans.<\/p>\n<p>(cross-talk)<\/p>\n<p>FRANK: I\u2019ll tell you what you can\u2019t do, you cannot ask me a question and interrupt me three words into the answer. The answer is I can blame the Republicans. In 2005, several congressman from North Carolina and myself proposed a bill to restrict subprime lending, and we were rejected by the Republican majority. In 2007, when I became the chairman and we became the majority, we regulated Fannie Mae and Freddie Mac, and we passed a bill through the House to regulate subprime mortgages. Yes, I will show you things that I said about subprime mortgages and a bill we tried to pass in 2005 when the Republicans were in control and wouldn\u2019t allow it to happen.<\/p>\n<p>RUSH: I think this is sorta just the opposite of what really happened. It was the Democrats who were making the regulators pound sand during committee hearings. The Bush administration tried numerous times to rein in Fannie Mae and Freddie Mac, and it was Barney Frank and Chris Dodd who stood in the way, didn\u2019t want it to happen. Anyway, it\u2019s a good question, why do guys always get away with acting like innocent bystanders, why didn\u2019t you do something about it, you guys are always late to the fire. It\u2019s a great question, you could see old Barn didn\u2019t like it one bit. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>RUSH: Timmy Geithner, the tax cheat, held a press conference to talk about the Obama administration\u2019s plans to &#8216;rework\u2019 executive compensation rules. Geithner tried to pull an Obama. He tried to do doublespeak, like Obama does. Let\u2019s listen together and see if Little Timmy was able to pull it off. GEITHNER: Looking forward, we\u2019re going [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Timmy and Barney on Pay Caps - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/admin.rushlimbaugh.com\/daily\/2009\/06\/10\/timmy_and_barney_on_pay_caps\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Timmy and Barney on Pay Caps - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Timmy Geithner, the tax cheat, held a press conference to talk about the Obama administration\u2019s plans to &#8216;rework\u2019 executive compensation rules. Geithner tried to pull an Obama. He tried to do doublespeak, like Obama does. Let\u2019s listen together and see if Little Timmy was able to pull it off. 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Geithner tried to pull an Obama. He tried to do doublespeak, like Obama does. Let\u2019s listen together and see if Little Timmy was able to pull it off. 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