Rep. Barney Frank's Financial Services Committee will take up a new bill next week to ban bonuses at any companies benefiting from federal bailout funds. The legislation would amend last year's bailout bill to prohibit TARP-fund recipients from paying any type of bonus to any employee no matter what--even if the bonus is called a retention payment. The bill would also prohibit compensation that is "excessive" or not based on performance standards.
The legislation comes after a chaotic...
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