Okay, so Obama's rhetoric is spot-on, but rhetoric and a quarter will get you a gumball. Nor am I in the trenches in Washington--maybe this plan is the best one we can get away with.
That being the case, there are a few things I really don't understand:
1. Why are congressmen and financial analysts so worried that companies won't seek financial assistance from the government if it comes with executive-pay-limit strings attached? If they don't need it to survive, then don't give it to them; if they DO, then they will come and get it anyway. That's like being worried that a homeless man might not like braised lamb--if he's hungry enough, he'll eat it.
2. Why bother inserting a clause that gives shareholders a
nonbinding vote as to whether or not stock option incentives paid out to executives, in lieu of a higher salary, are fair or not? What the hell is the point of a nonbinding vote?
"Well, the shareholders unanimously think it's a horrible idea, but what the fuck, Bob--here's 20 million shares of JPMorganChase. See you in the Vineyard next weekend--oh, and happy Easter!"------------------------
"The rules would not prohibit a lower-level executive, like a stock trader or investment banker, from continuing to receive tens of millions of dollars in pay."
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3. Why the distinction limiting only the pay of 'the most senior executives' to $500,000 cash per annum? Why not say 'every single fucking employee?' What this useless distinction will create among the higher-ups is a sudden desire to climb down the ladder a few rungs, become a 'personal finance advisor' to the biggest client, and take home a $3 million salary. He wouldn't even give a shit if he's answering phones--he wants the MONEY!
Let us not forget what created this crisis in the first place--the uncanny ability of senior executives to exploit loopholes for short-term personal financial gain.
If the craziness continues on this path, I foresee a world where janitors are hourly-paid CEOs with no benefits and CEOs are millionaire janitors with a pension plan that could choke a dinosaur.
Save me, Seymour! My world is upside-down!
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