in the middle of the night

The Chrysler squeeze on the banks was just the warm up in the Obama Administration’s plan to re-make the economy.

It turns out the the compensation choke hold so far applied only to those banks receiving TARP money will be expanded to an industry wide system for all of financial services. (U.S. Eyes Bank Pay Overhaul – WSJ)

Senator Charles Schumer’s proposed legislation to require stockholder votes on executive compensation among a list of other new requirements would set the stage for the extension of the coming banking rules to the rest of corporate America.

Stay tuned – democracy in action is a wonderful thing!