The first part makes it sound like the government controls pay for anyone (at least to my reading) when it only has the legal right to make alterments to companies that took TARP money and that doesn't include companies that did work for bailed-out companies. So if you did work with AIG but didn't work for AIG, you're fine.
And why is this such a big deal? The federal government has bailed out these companies, the US people are a major shareholder of the said companies and we have every right to dictate what pay is what until we are paid in full. Don't like it? Don't accept TARP money and don't run your company into the ground.
The second part of the article goes into the SERVE act which re-establishes AmeriCorp and other volunteer services. This time around people that serve are given tax breaks, credits to go to college, etc. I think it's a fantastic incentive to get people to donate their time that normally wouldn't or couldn't afford college any other way.
Search for H1664 H1338 on http://thomas.loc.gov/ to read the language of the bill.
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