Word: congression
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...Congress should be the first to know that dictating what executives can get paid doesn't always work as expected. In 1984, Congress passed a law eliminating the tax deductibility of golden parachutes that exceeded three times base salary. Corporate America took that to mean anything below that multiple was fine: golden parachutes worth 2.99 times base salary proliferated, where before there were none at all. In 1993, Congress said only $1 million of an executive's salary would be tax deductible. So companies began paying their CEOs massive amounts in other forms, like stock options and deferred compensation...
...similar law was introduced in Congress last year by Barney Frank in the House and Barack Obama in the Senate. It currently sits in a Senate committee...
...even if Zuma (pictured above) succeeds in providing stability while fulfilling promises to his leftist supporters, the status of the African National Congress (ANC) party, once the continent's most respected organ of national liberation, has been irreversibly diminished by the infighting of the past few years. Under Nelson Mandela, the ANC peerlessly wielded its moral authority. But that trait also encouraged leaders to think they were above reproach, an attitude that found its fullest expression in Mbeki, who often acted as if he had no reason to explain himself and simply asked people to take his decisions on trust...
That was a situation where thank goodness that I had the powers from Congress and we were able to move quickly and stabilize the situation before we got into last week and mortgage rates have remained calm. Yeah, I and everyone else placed Fannie and Freddie debt. We didn't create this system and this was a mess that had to be cleaned up. And that is something that I'm proud of, Ben Bernanke's proud of, Jim Lockhardt, the regulator - not proud that the situation happened, but proud that we were able to move quickly enough...
Kgalema Motlanthe, who been named by the ruling African National Congress (ANC) as its nominee for caretaker president of South Africa, is a consensus candidate - a singular achievement in a party largely bereft of consensus. Motlanthe appears set to take the reins from Thabo Mbeki, whose resignation was demanded by the ruling party after a judge accused Mbeki's government of improperly interfering in the prosecution on corruption charges of his chief rival, Jacob Zuma. Zuma, who beat out Mbeki in a bitterly-fought campaign for leadership of the ANC last December, can't assume the presidency until next year...