Geithner and Bernanke are testifying before Barney Frank’s committee live on C-SPAN now. Frank just announced that he wants to regulate compensation even for Wall Street firms that are not getting bailouts. He said it’s not necessarily the total amount of compensation that bothers him, but that he doesn’t like the incentive structure of performance bonuses, etc. So for Frank, it’s not just about taxpayer dollars going to pay out bonuses. It’s about dictating to all firms how they can compensate their employees. Something to keep in mind.
Update: Here’s the video, courtesy of the C-SPAN video library: