Biden asks Congress to give regulators authority to claw back executive compensation

[Yo_Mama_Been_Loggin]

President Biden is calling on Congress to give regulators the authority to claw back executive compensation in the wake of a string of bank failures.

"When banks fail due to mismanagement and excessive risk taking, it should be easier for regulators to claw back compensation from executives, to impose civil penalties, and to ban executives from working in the banking industry again," Biden said in a statement.

"Congress must act to impose tougher penalties for senior bank executives whose mismanagement contributed to their institutions failing."

Biden's comments come after the president said Monday "no one is above the law" and those responsible for the failures should be held accountable.

https://finance.yahoo.com/news/biden-asks-congress-to-give-regulators-authority-to-claw-back-executive-compensation-171255897.html

Seems fair but I have my doubts the Republicans will play along.

[Snarkoleptic]

1. All the money they spent lobbying to undermine Dodd-Frank should be clawed back.

Not gonna happen, but I'm a dreamer.

[BootinUp]

2. Make it so. nt

[mucifer]

3. the corporate press will bury this important news

[IbogaProject]

4. I wish all excessive executive comp was escrowed

So much problems could be headed off if they can't grab huge payouts quickly. Twenty years tied up in the firm's stock for any compensation beyond 5 or 10 times median income. Anything past $300K should be held in escrow in the firm's securities.

[Phoenix61]

5. Until executives are held legally and financially accoutable

for this kind of crap it’s not going to end.

[dickthegrouch]

6. The owners (Shareholders) need to be held responsible too

They should have to pay whatever proportion of the loss they actually own. Yes, it’s a complicated calculation but computers are completely capable of figuring it out in microseconds.

Retirement funds are likely to suffer the most, but maybe when they are paying more attention, the executives will pay more attention.

[Phoenix61]

7. It wouldn't matter to the ones in charge.

Look at Goldman-Sachs or Enron. The executives were completely willing to tank the company as long as they got their bonuses. What you’re suggesting did happen at Enron and the big losers were the stockholders.

[lindysalsagal]

8. Make them refuse potus, and go on the record.

This is what makes convincing tv campaign ads.

[Samrob]

9. YES!!!