Dismay on Wall Street over Obama pay capAnd I would bet that there is probably some young whippersnapper working in the company who may have gotten her or his MBA in a non name university but could run the company better than any yuppie POS who got into Yale cause his dad went there... and gladly do it for a half million/year.
...President Barack Obama announced that executives of finance firms taking government bailouts would have their annual salaries limited to 500,000 dollars, a move aimed at protecting taxpayer interests.
Douglas McIntyre at the financial website 24/7 Wall Street said the limits could make it more difficult for troubled banks to retain their best executives.
"Wall Street may keep most of its bankers if they face pay cuts, but it is the top five or 10 percent who make these companies really profitable, and they will soon be on their way to greener pastures if this measure is enacted," McIntyre said.
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Wednesday, February 4
The best executives sucked!
Don't you think if you screwed up your company so much that it needs a government bailout that you deserve to be fired and lose your pension benefit if you've worked there for less than 10 years?