Barney Frank – Fox In The Hen House

He recently bloodied his publicity-craving snout when The House of Representatives recently passed the “Say on Pay” bill. Now, blustering Congressman Barney Frank is looking for fresh prey. He clamored for and proposed this bill (who else) and insisted that such legislation (which allows shareholders a non-binding vote on CEO compensation) is necessary to stop run-away executive compensation. Hwoever, its purpose is thinly veiled; it is to shame directors into lowering CEO pay when in fact it is really a violation of shareholder rights in that it usurps corporate control the purpose of which is to maximize shareholder wealth.

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