Big Brother will set all pay levels once federal bailout funds are received. Remember: some banks were forced to accept bailout money. Byron York, writing in the D.C. Examiner  brings to our attention a truly awful prospect:[T]he House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the "Pay for Performance Act of 2009," would impose government controls on the pay of all employees -- not just top executives -- of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies.[snip]The measure is not limited just to those firms that received the largest...(Read Full Post)