(Community Matters) Now the GOP wants to be the defender of Wall Street bonuses? Sweet, go right ahead. They are lining up against the last resort executive compensation limits being proposed.
I’m not an enthusiastic fan of executive pay caps, and President Obama didn’t start off advocating them. It’s only since we’ve learned that US corporate boards and bailed out executives couldn’t be counted on to exercise good judgement that it’s become a last resort option. Corporate executives and their boards ought to realize there’s a near mutiny in this country. Hell, it isn’t just among middle and lower class Americans. This week I’ve heard the gilded class expressing its impatience with ridiculous payouts in the face of the loss of trillions.
What the heck, the caps will only last until taxpayers are repaid. Given the optimistic sentiments on the potential for gains as well as repayment, executives and boards ought to just suck it up, repay taxpayers quickly, then bonus away, to the extent shareholders will allow
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