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- W782996504 abstract "Over the past nine months, Congress and two presidential administrations have taken unprecedented actions to save American capitalism from a financial industry meltdown and a recession boarding on another Great Depression. In October of 2008, President Bush signed into law the Emergency Economic Stabilization Act (“EESA”), which provides $700 billion to bailout a financial industry facing multi-trillion dollar toxic mortgage-backed securities losses. In February 2009, President Obama signed into law the American Recovery and Reinvestment Act (“ARRA”). It provides $819 billion in government spending and tax incentives to generally stimulate the economy. In June 2009, the Obama Administration released its financial industry regulatory and legislative reform initiatives that provide permanent, comprehensive financial industry reform. What all of the aforementioned actions have in common is they all contain financial industry executive compensation restrictions and related corporate governance standards that tacitly place blame for the financial crisis on excessive executive compensation. This Article provides an overview of what led to the financial crisis, identifying excessive executive compensation as a factor, but unveiling federal deregulation of the financial industry and increasingly riskier federal homeownership policies as the real culprits. It also examines EESA and ARRA programs, and the Obama Administration’s permanent regulatory and legislative reform initiatives, as they relate to executive compensation and heightened corporate governance restrictions. The Article applauds Obama Administration initiatives to re-regulate the financial industry, but criticizes proposed “federalization” of executive compensation/corporate governance standards. It recommends a few alternative reforms, including recommendations that most executive compensation/corporate governance reforms should be initiated by Self-Regulatory Organizations (“SROs”), such as the New York Stock Exchange, Inc. (“NYSE”) and National Association of Securities Dealers Automated Quotations, Inc. (“NASDAQ”). Finally, it recommends that federal statutory, regulatory, and SRO corporate governance changes in this area should generally apply to all publicly-traded corporations." @default.
- W782996504 created "2016-06-24" @default.
- W782996504 creator A5000904480 @default.
- W782996504 date "2009-08-12" @default.
- W782996504 modified "2023-09-22" @default.
- W782996504 title "The Perfect Storm: How Mortgage-Backed Securities, Federal Deregulation, and Corporate Greed Provide a Wake-Up Call for Reforming Executive Compensation" @default.
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