Work it out Wednesday – AutoTune This Financial Mess Mr. President
U Better Recognize: That damn Alphacat’s at it again!!.

If You Ain’t Into Barack, Then Roll ON Cause Today is All About The Woman and Man In Charge, Oookkkkk..
Everybody keeps talking about What Barack Obama may or may-not do in this climate of consistent crisis. He’s for sure gotten the biggest Bly of ANY President – Including the beloved Bill Clit-on.
Our Girl Bria of UBetttaRecognize has finally pushed the button ontop of that sonic bomb she’s been keeping hidden for weeks over there, and released this unrelenting response from none other than Alphacat starring as Barack Obama. if you are a proponent of Fierce Politics, Strap Up cause this is for you baby. There are guest cameos of Sarah Palin, Joe Biden and Rod Blagovitch look-alikes. This is the way I wanna see the Autotune Work.
Pay Attention Weezy, this man understands how to use that piece of ish.
As Ms Bria points out, Michelle O Is ON POINT. She is Blowin up the lyrics and Workin that Dress to death. Fierceness is the mode in this pseudo political musical tingler.
No Screen Lickin Please..


Senate nears credit card compromise
05/11/09 07:19 PM [ET]
By Silla Brush and Jim Snyder – The Hill
The Senate is likely to pass a bill this week that would clamp down on the credit card industry, which would be a victory for President Obama and Sen. Chris Dodd (D-Conn.) and a setback for the financial industry.
Dodd and Sen. Richard Shelby (R-Ala.), ranking member on the Senate Banking Committee, agreed to compromise legislation over the weekend that will likely draw Republican support, aides and industry lobbyists said.
Dodd has seized on a public disgruntled with the industry as he pushes for new regulations, and passing the bill could boost his flagging reelection campaign. The White House has stumped strongly for new rules, and Obama is set to travel to New Mexico for a town hall meeting on the issue Thursday.
The administration is pushing Congress to send the president legislation to sign by Memorial Day.
The compromise goes beyond new rules put in place by the Federal Reserve in December that take effect by July 2010 and further than legislation passed in the House on a strong 357-70 vote. It would codify the Fed rules and take effect earlier — as early as January, nine months after the bill is signed into law.
The bill would also prohibit double-cycle billing and universal default on existing balances, mandate that gift cards have a five-year lifespan and require a study by the Government Accountability Office on “interchange fees.”
But Dodd softened his stance on part of the bill.
Originally, Dodd wanted to ban all retroactive increases in interest rates on outstanding balances, but the compromise legislation allows firms to increase interest rates if cardholders are late on payments by at least 60 days.
The financial industry opposes the bill, arguing that the Fed rules should be allowed to take effect and that undoing them will lead to additional problems in the industry and hamper the flow of credit.
The bill would be a win for consumer advocacy groups that have been pressing for years for tougher regulations to little avail in the Senate. The financial industry, which successfully fought against the rules for years, is now feeling the brunt of broad opposition to credit card companies.
A loss could be a sign of things to come, with a broad range of bills aimed at financial firms on deck. Senate Democrats blamed the industry lobby for scuttling a housing bill pushed by Senate Majority Whip Dick Durbin (D-Ill.).
“The current economic crisis has made it crystal-clear that ignoring unfair and deceptive lending practices can hurt both family finances and our economy,” said Nick Bourke, manager of the Pew Safe Credit Cards Project. Consumer groups support the compromise bill.
The new restrictions, if passed, would come at a bad time for banks. The nation’s 19 largest banks could lose $82 billion on credit card loans in 2009 and 2010, according to federal regulators’ “stress tests,” out last week.
As if financial service reform, a climate change bill, and an overhaul of the healthcare system isn’t enough for Congress to tackle, this is also the year that the surface transportation bill is up for renewal.
The bill — colloquially referred to as the highway bill, to the great irritation of the transit lobby — is usually a big push on its own, when the congressional plate isn’t nearly as full.
But House Transportation Committee Chairman Jim Oberstar (D-Minn.) is putting the bill on the fast track, chomping to put his imprint on the nation’s transportation policy. That has construction, state highway, public transit, smart-growth and big business lobbies revving up for a fight.
Jim Berard, a committee spokesman, said Oberstar’s bill will present a new direction in transportation policy. So much so, the chairman refuses to call the bill a “reauthorization” of current policy. His bill will represent a “transformational” change in transportation, Berard said. It will likely increase transit funding, he said, and suggest some way to speed the time it takes to develop a transportation project, while maintaining the integrity of environmental reviews, Berard said.
Oberstar wants to move a bill shortly after recess to have it ready for a floor vote and beat the legislative traffic jam that appropriations bills may cause later this summer.
The bill pays for new highways, bridges, transit systems and bike paths.
Divvying up the money the government gets from taxes on gasoline is hard to do, and the deadline for reauthorization — or “transformation” — can slip a year or more before all the constituencies are satisfied, or just too worn out to fight over the details anymore.
James Corless, director of Transportation for America, a pro-transit group, expressed optimism that the change that everyone is talking about these days in relation to healthcare or climate policy will also translate to transportation.
“The federal transportation program has lost its way,” Corless said. Too much is spent on constructing new roads and bridges, and not enough on other transportation “modes,” including rail and buses, he said.
The last transportation bill spent around 18 percent on transit. Transportation for America would like that increased to at least 25 percent.
In a new report titled “The Route to Reform,” the group calls for a doubling of money in the transportation bill, or to around $500 billion over six years. The report lays out a number of goals: triple walking, biking and public transportation usage; reduce per capita vehicle miles traveled by 16 percent; increase the use of freight rail by 20 percent; and reduce transportation-generated carbon dioxide levels by 40 percent.
The nub of the problem is paying for everything. One option is likely to cause heartburn on Capitol Hill, especially with oil prices going up again: raising the gas tax.
The business lobby also supports raising the gasoline tax. But there is a difference of opinion as to what projects the money should go toward. Janet Kavinoky, director of transportation infrastructure at the U.S. Chamber of Commerce, said the goal should be supporting projects that lead to economic growth. That means more highways to reduce congestion, more freight rail lines and better systems to support international trade.
The goal, she said, should be to get the best bang for the buck, “rather than just spreading money around like peanut butter so that everybody gets something.”
Berard acknowledged that Oberstar’s schedule was aggressive and that there would likely be some resistance along the way.
“In such a massive bill, there is always going to be something that some groups don’t like,” he said. But the chairman hoped that the promise of more money would provide some momentum to the bill.
Because You’ve read this far, I think you deserve another lil Video Treat. this one has Top Stars, the Real Stars. Sam Jackson, Jamie Foxx and loads of others..
This is Blame It – Starring T-Pain and a cast of Stars
Now Lets Get back to the Presidential Auto Tune..
U.S. Eyes Bank Pay Overhaul
Administration in Early Talks on Ways to Curb Compensation Across Finance
WASHINGTON — The Obama administration has begun serious talks about how it can change compensation practices across the financial-services industry, including at companies that did not receive federal bailout money, according to people familiar with the matter.
The initiative, which is in its early stages, is part of an ambitious and likely controversial effort to broadly address the way financial companies pay employees and executives, including an attempt to more closely align pay with long-term performance.
Administration and regulatory officials are looking at various options, including using the Federal Reserve’s supervisory powers, the power of the Securities and Exchange Commission and moral suasion. Officials are also looking at what could be done legislatively.
Among ideas being discussed are Fed rules that would curb banks’ ability to pay employees in a way that would threaten the “safety and soundness” of the bank — such as paying loan officers for the volume of business they do, not the quality. The administration is also discussing issuing “best practices” to guide firms in structuring pay.
At the same time, House Financial Services Committee Chairman Barney Frank (D., Mass.) is working on legislation that could strengthen the government’s ability both to monitor compensation and to curb incentives that threaten a company’s viability or pose a systemic risk to the economy.
It is unclear how such a bill would fit with what the Fed and others are already considering. But any legislation passed would make it harder for policy makers to dial back limits once the financial crisis subsides.
Any new compensation rules would likely be rolled out alongside a broader revamp of financial-markets regulation that the Treasury is pushing. The compensation effort is the latest example of the government’s increasing focus on aspects of the financial sector that once were untouched.
Regulators have long had the power to sanction a bank for excessive pay structures, but have rarely used it. The Office of the Comptroller of the Currency last year quietly pressed an unidentified large bank to make changes “pertaining to compensation incentives for bank personnel responsible for assigning risk ratings,” a spokesman said. Since 2007, it has privately directed 15 banks to change their executive compensation practices.
Government officials said their effort, which is just beginning, isn’t aimed at setting pay or establishing detailed rules. “This is not going to be about capping compensation or micro-management,” said an administration official. “It will be about understanding what is the best way to align compensation with sound risk management and long-term value creation.”
Despite the banking industry’s weakened state, it would likely try to push back against curbs on how financial firms can compensate people. Bank executives have complained to federal officials that strict rules could prompt some of their best employees to move to parts of the financial industry that aren’t regulated, such as hedge funds, private-equity firms and foreign banks. They’ve also argued that paying substantial bonuses is integral to how the industry works.
“Our companies have already enhanced, strengthened and expanded the number of compensation programs that are tied to long-term incentives,” said Scott Talbott, a senior vice president at the Financial Services Roundtable, a trade group.
Edward Yingling, chief executive of the American Bankers Association, said banks might be able to accept new rules “as long as they are general in nature and could be enforced on a case-by-case basis. What would never work is detailed regulation of compensation.”
President Barack Obama and Treasury Secretary Timothy Geithner have both blamed the way banks structured compensation plans for contributing to the financial mess. In February, Mr. Obama said executive pay helped lead to a “reckless culture and a quarter-by-quarter mentality that in turn helped to wreak havoc in our financial system.”
Mr. Geithner recently instructed his staff to begin discussions with the Fed, the SEC and others about ways to address compensation practices.
During a recent congressional hearing, Chairman Ben Bernanke said the Fed was working on rules that will “ask or tell banks to structure their compensation, not just at the very top level but down much further, in a way that is consistent with safety and soundness — which means that payments, bonuses and so on should be tied to performance and should not induce excessive risk.”
In an indication of how broad the effort may become, Federal Deposit Insurance Corp. Chairman Sheila Bair said regulators need to examine compensation practices in the mortgage industry, suggesting new limits could stretch beyond banks.
“We need to make sure that incentives are aligned among all parties by making compensation contingent on the long-run performance of the underlying loans,” Ms. Bair said on Tuesday.
The discussions follow a narrower effort by the administration to clip pay at firms that get federal aid. Earlier this year, it issued guidelines limiting salaries for top executives at firms that received funds under the Troubled Asset Relief Program.
Congress chimed in with even tougher rules curbing bonuses for top earners at the same firms, among other things. One rule bars firms receiving federal funds from paying top earners bonuses that equal more than a third of their total compensation.
The administration is still wrestling with how to marry those two efforts, which in combination are more punitive than officials intended. The Treasury is expected to issue new rules sometime in the next few weeks.
President Obama and Treasury Secretary Timothy F. Geithner at the White House, where they spoke about executive compensation.
In Curbing Pay, Obama Seeks to Alter Corporate Culture
WASHINGTON — In announcing executive pay limits on Wednesday, President Obama is trying to hold the financial industry accountable to taxpayers while aiming to change an entrenched corporate culture that endorses outsize bonuses and perks that often bear little relationship to corporate performance.
Mr. Obama also needs to deflect a growing populist outrage over sky-high pay among the banks and other companies now on the public dole. His announcement comes just days before the administration is expected to unveil a new strategy — and possibly request more money from Congress — to guarantee or buy outright hundreds of billions of dollars in bad assets held by banks.
The new rules would set a $500,000 cap on cash compensation for the most senior executives, curtail severance pay when top executives left a company, restrict cashing in on stock incentives until government assistance was repaid and prod corporate boards to closely scrutinize luxury perquisites like private jets and country club memberships.
The plan’s effectiveness in curbing executive pay may not be known for years, however. Past administrations have also been critical of excessive pay, but corporate executives have found ingenious ways around limits, often hiring consultants to create new forms of compensation.
Even the new rules allow companies some leeway. While giving shareholders a say in bonuses above the cap and restricting when stock incentives can be cashed in, the rules do not place limits on the size of such awards, which have become the biggest part of many compensation packages. In addition, the toughest new rules apply only to large companies seeking government assistance to survive.
They do not apply to the more than 350 institutions that have already received bailout funds, only to those that seek aid under the next phase of the bailout program. And companies that seek aid but do not need exceptional government assistance can waive the $500,000 pay cap, as long as they submit their executive pay policies to a nonbinding shareholder vote.
Still, the rules represent the most comprehensive effort to curb compensation. “This is America,” Mr. Obama said on Wednesday. “We don’t disparage wealth. We don’t begrudge anybody for achieving success. And we believe that success should be rewarded. But what gets people upset — and rightfully so — are executives being rewarded for failure. Especially when those rewards are subsidized by U.S. taxpayers.”
In 2007, the latest year that figures are available, the largest participants in the bailout program paid their chief executives an average compensation of $11 million, including salary, bonus and benefits. Of that amount, according to a review by Equilar, an executive compensation firm, only about $844,000 was cash salary. About $2.5 million was in a cash bonus, with the bulk — $7.4 million — in stock awards, and the remainder in benefits and perks.
If banks return to the government for more money, the new rules would require a reduction in pay, but not in stock awards, though these would be subject to a non-binding vote of the shareholders and would be in the form of long-term incentives because of restrictions on when they could be cashed in.
The plan will most likely force companies to think twice before coming to Washington for a handout, and it is certain to nudge them to return taxpayer loans more quickly.
On Wednesday, for instance, David A. Viniar, the chief financial officer of Goldman Sachs, which received $10 billion from the Treasury Department, told analysts that his firm wanted to repay the government as quickly as feasible to “be under less scrutiny and under less pressure,” according to Bloomberg News.
The Financial Services Roundtable, which lobbies on behalf of banks and other financial institutions, said that giving shareholders a vote on pay could discourage companies from seeking aid.
The rules would not prohibit a lower-level executive, like a stock trader or investment banker, from continuing to receive tens of millions of dollars in pay. Officials also emphasized that several of the proposals would not be made final until after public comments had been considered.
Still, investor groups, union leaders and lawmakers in both parties embraced the proposal.
“There is absolutely no reason why hard-working American taxpayers should be financing, directly or indirectly, excessive compensation for corporate executives whose decisions, in many cases, have crippled their firms and weakened the broader economy,” said Senator Christopher J. Dodd, the Connecticut Democrat who heads the Senate banking committee.
Representative John A. Boehner of Ohio, the Republican minority leader, said that pay limits would be more equitable for rank-and-file taxpayers. “If anyone is looking for the taxpayer to help bail their company out,” he said, “these types of executive pay caps are appropriate.”
Officials said that the larger goal of the proposal was to make the boards of major corporations across a wide range of industries award pay packages more consistent with corporate earnings.
Appearing with Treasury Secretary Timothy F. Geithner, the architect of the plan, Mr. Obama repeated a theme that he began last week of attacking Wall Street for its excessive compensation.
“For top executives to award themselves these kinds of compensation packages in the midst of this economic crisis is not only in bad taste, it’s a bad strategy, and I will not tolerate it as president,” Mr. Obama said. He said such pay is “exactly the kind of disregard for the costs and consequences of their actions that brought about this crisis — a culture of narrow self-interest and short-term gain at the expense of everything else.”
During the Bush administration, the Securities and Exchange Commission adopted new rules promoting better public disclosure of executive compensation as a way to discourage pay not tied to performance. Treasury Secretary Henry M. Paulson Jr. also criticized excessive pay as a factor contributing to the crisis on Wall Street and tried to impose some limits on banks receiving bailout funds.
But none of that put a significant dent in executive pay. A recent study by Equilar, a compensation research firm, found that the chief executives of the 10 largest financial services firms in a survey of 200 companies with revenue of at least $6.5 billion were awarded a total of $320 million last year, even though the companies had mortgage-related losses of $55 billion.
Some companies may not find the new pay curbs all that burdensome. The plan does not limit the size of bonuses that can take the form of restricted stock above the $500,000 cap — though companies would have to give shareholders a nonbinding vote on such awards.
Indeed, troubled financial institutions are already giving executives significant sums of restricted stock — shares that are locked up for years and can be sold only under specified conditions — in part because they are trying to preserve cash. Alan Johnson, managing director of Johnson Associates, a Wall Street pay consulting firm, said that in some cases, restricted stock was making up 60 percent of executives’ total compensation.
Mr. Johnson said the new restrictions could make it harder for the government to resuscitate ailing firms by making it harder for them to retain and recruit talented executives.
The plan does not appear to prohibit a financial institution from sponsoring a major golf tournament that most of its executives attend as part of the company’s marketing strategy. At a White House briefing, senior officials repeatedly declined to answer whether the plan would prohibit a company like Citigroup from paying $400 million to have its name on a baseball stadium. It is also unclear whether lucrative pension plans would be banned.
The administration will have to determine how broadly to apply the most severe restrictions as the TARP program is revised. If the new strategy envisions that many banks will be eligible for assistance, as they have in the past, then the less restrictive pay rules would apply to them.
Eric Dash contributed reporting from New York, and Jeff Zeleny from Washington.
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