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    « Adventures in Snowblowing | Main | Speaking of Boo-Boos »
    Sunday
    Feb082009

    Salary Rules Need Teeth

    Here's a letter I wrote to the Courant this week that is printed in today's CT Opinion page. (I'm providing the link and also pasting the text because the Courant's links are rather short-lived.)

     

    It's refreshing to finally have a president who is willing to take a stand on corporate greed, as President Barack Obama appears to be doing with his salary cap proposal for executives of bailed-out companies [news story, Feb. 5, "Execs Face $500,000 Salary Limit"]. But I'm skeptical about the effectiveness of such a plan.

    As The Courant reported, the Wall Street chameleons have played this game before and still found a way to line their pockets, because greed will find a way.

    I would prefer to see Obama's plan backed with sharper teeth, such as incarceration and forfeiture of assets for any bailout executive who exceeds the cap, regardless of how his company dresses it up. In other words, treat such action like a crime, because that's exactly what it is.

     

     

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