is we are focusing on compensation fraud and performance. and one of the things that s most@@@@@á#g@ @ @ @ @ @ )@ @ @ ü think shareholders will have an uprising wait until they think they are about to lose their investment. today we send the signal you may not lose your investment or more importantly as we say to the american people guess what, you didn t like shares in that company? we are going to buy them for you because we are the government and we know the best investment of the american taxpayers money , and by the way we don t have this money. this is money we are borrowing from china and japan and people we are having to buy energy from on a basis. the american tax payers are tired of being shareholders. let s get them out and get an exit strategy and more important let s not let the federal government encroach on the business any more than. the gentleman from california thank you. i would like to begin by thanking you for facilitating this hearing this morning
number one, executives of failed companies to come to taxpayers with a tin cup in hand must be subject to compensation limits, period, let there be no doubt. number two, except for the first principle, congress has no business setting artificial and mandatory limits on anyone s pursuit of their american dream. as someone aspires to be the next bill gates, oprah winfrey, warren buffet or charles schwab we should tell them this guy is the limit, go for it. not we are the congress, you will not be allowed to go beyond the tenth floor and by the way, take the stairs. i will be first to admit compensation and for holding this hearing. this issue promises to be one of the most important regulatory reform legislation. recently there s been a number of characterization s of efforts to reform executive compensation structures on wall street in the wake of the worst economic crisis since the great depression many financial industry leaders have insisted ceo compensation is self correct