Yesterday the US House of Representatives passed the Corporate and Financial Institution Compensation Fairness Act of 2009 by a vote of 237-185. It would amend the Securities Exchange Act of 1934 to provide for a separate shareholder vote to approve executive compensation packages and to set forth procedures for disclosure and shareholder approval of "golden parachute" compensation.
More importantly, it would inhibit these outrageous bonuses being paid to officers of failing banks and require federal regulations that prohibit any compensation structure or incentive-based payment arrangement that encourages inappropriate risks by financial institutions or their officers or employees that could: (1) threaten the safety and soundness of covered financial institutions; or (2) present serious adverse effects on economic conditions or financial stability.
Who could be against that, beside the shady bankers and greedy corporate officers that brought the country to the brink of a depression? John Boozman, that's who. Our Congressman did a little legislative lap dance for his corporate backers who screwed the stockholders and have looted the treasury. Yep, Boozman voted against it.
I plan to return the favor next November.