Kerry wants to regulate corporate fun
In the Wall Street Journal this morning they recount the story of fully profitable Northern Trust who accepted $1.6 billion in TARP money and last week decided to continue with their sponsorship of a PGA event called the Northern Trust Open. It probably wasn’t a good idea to test the regulatory waters like that in the current political environment, but John Kerry’s reaction is a bit over the top.
Senator Kerry’s solution to this “idiotic” decision is to outlaw fun. “Kerry’s TARP Taxpayer Protection and Corporate Responsibility Act,” the Senator’s press release announced, “would prevent any recipient of TARP funds from hosting, sponsoring, or paying for conferences, holiday parties and entertainment events.” Penalties would include fines and forced reimbursement of TARP funds. A bank could still throw a party for customers, provided it gets a “waiver” from the Treasury Secretary, who has 30 days to issue his golf and chardonnay diktat.
Having spent some time among the moneyed class, I know that there is a return on an investment like Northern Trust’s wining and dining clients and employees, otherwise, trust me, they wouldn’t do it. Yeah, it was probably wrong to do it just now and give some ammo to the emotional Democrats (who are well-versed in the concept of tossing money around just for fun – but not for you and me).
However, Kerry’s solution is just ridiculous – it’s the governmental equivalence of asking teacher if you can go outside for recess. It’s also indicative of how Democrats see the world full of circumstances that they can regulate. And I’m pretty sure the Secretary of Treasury has nothing else to do but investigate and approve every little event some financial institution wants to involve itself in.
I wonder if Kerry would like that kind of scrutiny on his own office expenditures.
Category: Economy, Liberals suck, Usual Suspects
I don’t know about this fellow, John Kerry. He is Chairman on Foreign Relations. His committee is considering a change of policy about Cuba. They are considering letting Cuba buy on credit. Currently the USA sells food and medicine to Cuba. There are no credit terms. It is all cash on the barrel head.
It is well known Castro does not pay his bills. He owes the Paris Club almost $30 billion. The USA is a member but I do not know what portion of this debt belongs to the USA. There are many reports in the newspapers that Castro is slow or not paying his current bills.
Selling to him on credit is like handing him money on a sliver platter. But then again, the way things work now the exporters who will be stuck with an unpaid bills from Castro can always ask for a bail out from Washington.
I don’t mind expanding trade with him….just let it be cash in advance.
Let Chavez support Castro….not the US taxpayers.
“would prevent any recipient of TARP funds from hosting, sponsoring, or paying for conferences, holiday parties and entertainment events.”
That’ll do wonders for morale. You can really tell Kerry’s never had a ‘real’ job.
Quid pro Quo, the Kongress Kritters that enacted legislation that allowed people, who never should have been homebuyers to begin with, to secure loans through Freddie Mac & Fannie Mae for Mc Mansions don’t need any perks either…
Of course the working stiffs who earn their daily $$$ from the hospitality industry will be glad to know their business & hours will shrink even more in this chitty economy.
It’s only a matter of time before Kerry and his ilk decide it’s OK to make the banks to refuse to make loans to buy SUVs.