While I agree these executives are overpaid for under performance, this is going to be a start to government meddling in private affairs. What’s next capping the earnings of me, hey it could happen. If I wanted all this government involvement I would move to Cuba…

@ Suburban

I hear you and I’m feeling ambivalent in this issue as well. Problem is, executives wouldn’t start a shareholder vote for the sold purpose of cutting their salaries without extreme pressure. I’m feeling pretty good about this since taxpayers kept these companies solvent and Darwinism no longer applies.

However, you have the banks who got it right and I don’t think their executives should pay for a few morons who screwed the pooch. Which is why some banks like Goldman Sachs and Morgan Stanley have offered to pay back the TARP funds immediately.

As to your point, by selectively socializing banks, you find yourself on a very slippery slope from a governmental standpoint. Only time will tell and I think we need to be extremely cautious.

A meritocracy? Compensation based on performance? What an interesting concept.

The salaries these overpaid CEOs were paid in the past denotes a form of pathological greed. I’ve wondered if the shady lending schemes, credit card issuance and mortgages to those who shouldn’t have been eligible would have happened if these guys had been under salary caps and stricter regulation in the first place.

And if some of them lose their summer homes, maybe they’ll know what it’s like for Mr. Mainstreet. However, I’m pretty sure these guys won’t end up in up in a one room apartment with a family of four.

I agree with what GS and MS are doing. Pay back your corporate welfare and then pay yourself however you like. Bloated salaries shouldn’t come from tax payer dollars.

Dr T
http://shrink4men.wordpress.com

Hey Dr.T!

Bet you can’t guess when the last time CEO compensation was so high… just before the Great Depression. I’ll have to post that graphic sometime.

Pathological greed and overinflated self worth compromising a supposed meritocracy (which is how we were told it was supposed to work in this country) sounds like a prime article for you. Maybe something like… Righteous Self Justified Narcissism led to Wall Street’s Demise?

In many regards, I feel like their actions are a bit like spoiled little brats who want it all and they want it now… Veruca Salt complex maybe?