Congress is thinking of “reining in” executive pay (HT: Drudge Report). I love that phrase, reining in—like wild horses. Here’s what Barney Frank has to say:
He should know a lot about compensation, or at least money. He raises and spends a great deal, a great deal more than his electoral opponents:
So in 2006, for example, he raised $1.9 million dollars and spent $1.2 million. That was slightly more than his opponent, who spent ZERO, because he didn’t have an opponent. So why did he raise all that money? And who did he raise it from?
I don’t know the answer to the first question, and I don’t know what a representative is able to do with a surplus. I can answer the second question:
These are Frank’s top ten contributors in 2006. Mostly financial firms. Aren’t you glad he’s going to be in charge of the new financial regulations? The Frank info is from here. As is this nice chart showing Frank’s fundraising relative to the average representative:
He had a good run there didn’t he? Can’t wait to see how those 2010 numbers turn out. Want to guess if he’s going to have an opponent?
