US to Propose Wider Oversight of Compensation

[SpartanDem]

Source: CNBC

The Obama administration plans to require banks and corporations that have received two rounds of federal bailouts to submit any major executive pay changes for approval by a new federal official who will monitor compensation, according to two government officials.

The proposal is part of a broad set of regulations on executive compensation expected to be announced by the administration as early as this week. Some of the rules are required by legislation enacted in the wake of the worst financial crisis since the Great Depression, and they would apply only to companies that received taxpayer money
....
Goldman Sachs, JPMorgan Chase and a handful of others have worked to rid themselves of their ties to the government in order to shed restrictions on pay that they say put them at a competitive disadvantage.

But under the administration’s new plans, even companies that repay the taxpayer money will not escape some form of oversight on their compensation structure.


Read more: http://www.cnbc.com/id/30716489

[Deny and Shred]

1. Window dressing.

Just watch, these "regulations" will wind up being voluntary guidelines. Either that, or they'll find one sacrificial lamb as the rest plunder away.
I hope I'm wrong, but this sounds like its for public consumption.

[MasonJar]

2. Is that new official another former Goldman Sachs executive or did he work for B of A, etc,?