Wednesday, October 21, 2009

Top Execs To Get $200K?

I know liberals think that's adequate compensation for running a multi-billion-dollar corporation, but my guess is that there will be lots of turnover at these companies if this order goes through. Then mediocre underlings will advance, not running the companies as well.

UPDATE: From PowerLine:

We are living through dark times. The administration's demagoguery will have far-reaching consequences. Presumably most of the executives affected by the cuts will leave their companies, while adequate replacements can hardly be hired at the rates the federal government is offering. And it isn't clear what ripple effects the government's high-handed decree will have. At Citibank or Bank of America, for example, will there be hundreds of employees paid more than the former top 25? Or will the pay cuts work their way down the chain? Any way you look at it, this decree will make it harder for the affected companies to regain profitability, the ostensible point of the TARP program...

One of the basic problems with the ever-increasing intrusion of the federal government into our economy is that questions that should be economic become political. What becomes most important is not providing the best product or service at the best price, but having the most pull in D.C. The Obama administration is feverishly engaged in rewarding its friends and punishing its opponents. That's a natural instinct for politicians, but having almost unlimited sway over the economy opens hitherto-unknown scope for political control and influence. Here, as in many other respects, we are sailing in uncharted waters.

We were told George W. Bush was the tyrant that was going to punish his political enemies. As usual, the boot in your face comes from the Left.

At least the guy deciding who should make what got to decide his own pay.