Thursday, June 11, 2009

Question on Executive Pay Limits - Barney Frank Loses Control on CNBC Meanwhile Businesses Ask Obama to Limit Union Executives Pay

The Washington Timeshas reported that business groups are questioning President Obama’s decision to limit Executive Pay:

The Workforce Fairness Institute, which has lobbied heavily for the defeat of the Employee Free Choice Act to ease organization rules for labor unions, points to a 2008 Hudson Institute study that suggests unions have short-changed benefits for their rank and file in favor or generous executive compensation packages and to pad the coffers of their political allies, who are mostly Democrats.

“On average, the 21 largest unions pension plans had less than 70 percent of the funds that they would need to cover their total obligations, and none were fully funded,” the study said. “Seven were less than 65 percent funded. Yet 23 officer and staff funds from the same unions had 88.2 percent of the funding they would need to pay promise pensions, including seven full funded plans and another 13 with at least 80 percent of the required funds.”

Business leaders who oppose plans to limit executive pay say if it is to be passed, labor unions should be included as well.

Apparently, business bought the pre-January 20th campaign rhetoric, and the apparent move to the middle by the current occupant of the White House. From the perspective of history, unions have become corrupt, union bosses are more concerned with personal power and wealth (see Poconos) than with the rank and file. Therefore, this dare requesting equal treatment with Union Bosses (even though Unions’ now have ownership in the auto industry and who knows what’s next), will fall upon deaf ears.

Meanwhile, Massachusetts’s own Barney Frank lost his temper when faced with real questions regarding the cap on executive pay. The video below depicts Frank walking away from yet another interview.

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