"This is the first time in American history that the federal government has applied restrictions on the compensation that goes to top executives,'' House Financial Services Committee Chairman Barney Frank said in a statement. ``We will be watching how the Treasury implements these important provisions to ensure that the restrictions are binding and enforceable.''
The first time we've applied restrictions on compensation?!
Yeah, well, no shit. That's how it works in a capitalist society. You let the market dictate what to pay. I'll bet none of the shareholders who reaped hundreds, thousands, millions, in gains over the years weren't bitching as their stock holdings rose in value. They wouldn't sell, wanted more gains, got greedy, got slaughtered and now the company executives are to blame.
I am not suggesting that there aren't excesses. Unscrupulous policies and violations of economic principles eventually get exposed and when they do the market reacts and punishes accordingly. It wasn't allowed to play out.
Unbelievable time in our history!
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