Will Obama limit pay or compensation for any bank employee before 2010?

Good news comrade:
Capitalism will be defeated very soon.

In a related note:
WSJ: Gov't pressuring Bank of America board change
CHARLOTTE, N.C. (AP) - A report Friday said federal officials are pressuring Bank of America Corp. to revamp its board and bring in directors with more banking experience.

The story in The Wall Street Journal called the regulators' move "unusual" as the government does not own a stake in the company, and most of the bank's problems are the result of its purchase of Merrill Lynch & Co., which was advised by regulators.

The Journal said regulators including the Federal Reserve and the Office of the Comptroller of the Currency had previously signaled to the bank's leadership that changes in the board would be well received by the federal government, the Journal report said.

Shares of Bank of America fell 47 cents, or 4.2 percent, to $10.84 in afternoon trading.

White House Set to Appoint a Pay Czar
http://online.wsj.com/article/SB124416737421887739.html
The Obama administration plans to appoint a "Special Master for Compensation" to ensure that companies receiving federal bailout funds are abiding by executive-pay guidelines, according to people familiar with the matter.

The administration is expected to name Kenneth Feinberg, who oversaw the federal government's compensation fund for victims of the Sept. 11, 2001, terrorist attacks, to act as a pay czar for the Treasury Department, these people said.

Mr. Feinberg's appointment could be announced as early as next week, when the administration is expected to release executive-compensation guidelines for firms receiving aid from the $700 billion Troubled Asset Relief Program. Those companies, which include banks, insurers and auto makers, are subject to a host of compensation restrictions imposed by the Bush and Obama administrations and by Congress.

Wall Street has been anxiously awaiting more details on how the rules will be applied. "The law is confusing and a bit ambiguous, and so we're looking for certainty as to how to structure pay incentives," said Scott Talbott, senior vice president of government affairs for the Financial Services Roundtable, a trade association.
[more at the link...]

Obama Picks Bailed-Out Firms’ Pay Czar, Hall Monitor

(2009-06-05) — As early as next week, President Barack Obama will reportedly name Kenneth Feinberg to act as a “Special Master for Compensation” for the Treasury Department, ensuring that companies which received federal bailout money comply with executive pay ‘guidelines’.

Later in the month, insiders say the president will appoint Esther Schultz, a retired woman from rural Pennsylvania, to serve as “Special Master of Hallway Traffic” to ensure that employees of bailed-out firms “remain at their desks during work hours, not out wandering the halls and getting into mischief.”

Mrs. Schultz, who for 73 years served as hall monitor at William H. Grimace High School, in Carbondale, got on the president’s short list of potential nominees largely on the strength of her ability to enunciate with authority the crucial question: “And where are you supposed to be, young man?”

“It’s an honor to serve the president and his companies, and to protect the involuntary investment of the American taxpayer,” Mrs. Schultz said. “If workers are out milling around, loitering, or engaging in hallway hijinks, they’re dragging down our return on investment.”

Under the new Obama administration protocol, employees of bailed-out firms will require a hall pass, signed by a supervisor, in order to make trips to the restroom, the water cooler, or to another worker’s cubicle.

“If they don’t have that hall pass,” said Mrs. Schultz, “I’ll take them by the ear, if necessary, and march them straight to the Oval Office. I don’t take no guff from nobody. I’ve been known to walk right into the boy’s room and drag them out. You have to show them who’s the boss.”

http://www.scrappleface.com/?p=3751

Fed Mulling Pay Rules For Top, Midlevel Bank Execs
http://www.allheadlinenews.com/articles/7016443343?Fed%20Mulling%20Pay%20Rules%20For%20Top,%20Midlevel%20Bank%20Execs
Washington, D.C. (AHN) - The Federal Reserve is studying ways to regulate pay of top bank executives, according to media reports on Friday.

The focus of the rules would be on whether the pay structure encourages bank officials to take excessive risk. In addition to restricting pay of top executives, the Fed would look at the compensation and bonuses for loan officers and other employees.