Saturday, September 20, 2008

How. Dare. They.

From the Wall Street Journal:

House Republican staffers met with roughly 15 lobbyists Friday afternoon, whose message to lawmakers was clear: Don't load the legislation up with provisions not directly related to the crisis, or regulatory measures the industry has long opposed.

"We're opposed to adding provisions that will affect [or] undermine the deal substantively," said Scott Talbott, senior vice president of government affairs at the Financial Services Roundtable, whose members include the nation's largest banks, securities firms and insurers.

A deal killer for the group: a proposal that would grant bankruptcy judges new powers to lower the principal, interest rate or both on a mortgage as part of a bankruptcy proceeding.

"If there's a risk a judge could change the terms...that will increase the risk of mortgages [and] increase the cost," Mr. Talbott said. "It makes homes less affordable for everybody."

Brokerage firms are fighting limits on executive compensation for firms that participate in the package, saying that particularly in an industry under siege, the limits will hurt their ability to find and retain top brass. The industry could lose that one: proposals to limit executive pay enjoy bipartisan support and backing from the Republican and Democratic presidential candidates.

I'm not safe to write about this right now, but I bolded the one bit which is truly incredibly assholerish.