Obama made a sweeping statement today to impose a restriction on what CEOs of companies that accept US bail-out money can earn. This is not only misguided, it is illegal and in direct conflict with the Constitution Obama swore he would uphold. It is Obama’s first attempt at passing socialist legislation, and he is attempting to do it without the approval of Congress, America or the Supreme Court, which would have no choice but to strike down any such law. Obama said, “As part of the reforms we are announcing today, top executives at firms receiving extraordinary help from U.S. taxpayers will have their compensation capped at $500,000 - a fraction of the salaries that have been reported recently. And if these executives receive any additional compensation, it will come in the form of stock that can’t be paid up until taxpayers are paid back for their assistance.” Unless new legislation is passed that would allow the government to restrict salaries, Obama has no legal ground on which to stand. If such legislation were to pass, the United States would have its first truly Socialist Law. But it would have to pass Congress and most likely would be contested in the courts as clearly unconstitutional. [Continue reading]
digg story, submitted by sarahcouric Related Story: Barack Obama on Executive Compensation
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