This is idiotic
WASHINGTON — The Obama administration is expected to impose a cap of $500,000 for top executives at companies that receive large amounts of bailout money, according to people familiar with the plan. - New York Times, February 3, 2009This is idiotic. I wasn't aware the TARP was intended to be some sort of virtue exercise. Let the U.S. come in and buy shares if it wants, and then attend to executive compensation concerns like any other shareholder, by voting at the appropriate times.
It's not clear where the people will come from who will take big pay cuts to do these jobs, which are not jobs that anyone off the street could remotely perform. The President, smart as he is, knows this and ought to do a better job of moderating the Committee-of-Public-Safety wing of his party. He should also be smart enough to know that you can't force people to be responsible. You don't see parents saying "son, I'm going to force you to be responsible." What has suddenly happened to the power of words?
Labels: Barack Obama, things that seem stupid to MWR (abridged version)
posted at 8:39 PM
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