Monday, February 09, 2009

Can we stop reading about how Obama has got his wish: to limit the pay of all financial executives on the planet? Many are making it sound as if this executive pay limit applies to all companies in the entire financial industry, as opposed to just those companies requesting taxpayer-funded aid -- obviously not true. That still leaves thousands upon thousands of firms that can pay whatever they want to top talent.

As for the pay limit applied to TARP-needy firms, what's wrong with some form of "punishment" for their past misdeeds in exchange for lifeblood aid? Also, the exorbitant plane purchases and lavish parties attracted as-expected wide attention, all but forcing the hand of media-sensitive Obama and Congress to originate and implement this pay limit.

Also, don't you just love the way these complainers don't necessarily mind capitalism bending a bit by way of receiving savior funds to prop up companies that the invisible hand is supposed to extinguish, and yet they'll scream "socialism" if you dare curb compensation on said firms...?

So enough with the excessive generalities. Obama and Congress are not instituting a blanket ban on high comp for all financial companies. Such mischaracterizations are irresponsible and serve as simple-minded propaganda.

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