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Who are these 'compensation experts' that say that . . .?

. . . financial industry salesmen and executives deserve huge payments for failure? In fact, could the use of these consultants be a major part of the problem? It seems that the goals they're attracting performers for are the very ones that have destroyed our financial service providers. Do we need to CHANGE what it means to be a successful banker? The new rules would set a $500,000 cap on cash compensation for the most senior executives, curtail severance pay when top executives left a company, restrict cashing in on stock incentives until government assistance was repaid and prod corporate boards to closely scrutinize luxury perquisites like private jets and country club memberships. Your thoughts? http://www.nytimes.com/2009/02/05/us/politics/05pay.html "The plan’s effectiveness in curbing executive pay may not be known for years, however. Past administrations have also been critical of excessive pay, but corporate executives have found ingenious ways around limits, often hiring consultants to create new forms of compensation." Is there some reason to believe that the people who have created this mess are 'talented' in any way that benefits anyone but themselves? As for 'ex post facto'--maybe it's time to redesign the SEC and change all the rules. We're all in trouble here. Any thoughts? thomas--What 'talent' and what exactly IS 'productive' about the mess these people have created? Talent that is only self-serving we don't need. A regulatory environment that encourages individuals who can create wealth for more than just themselves, we do need. It seems that we've created a financial services system that rewards thugs only. How do we change that?

Asked By: nora22000 - 2/5/2009
Best Answer - Chosen by Asker
The same guys that have been telling us that "globalization" creates jobs in the US. Even when evidence (look around) exists to the contrary, they continue telling us that off shoring 70% of our money and all our jobs will make us rich. Well, it does make THEM rich, us, not so much.
Answered By: Gem - 2/5/2009
Additional Answers (2)
It is not a problem. The executives with talent and a history of being productive will move to smaller private equity firms who did not take TARP money. The article does not mention that the new congress approved an extra $93,000 expense money for each of its 535 members. To better serve their constituents, I think... More
Answered By: thomas p - 2/5/2009
 
since the Constitution of the United States prohibits ex post facto laws [making something illegal after the fact], I'm not so sure that President Obama is on good legal grounds here... More
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Answered By: Spock (rhp) - 2/5/2009
 
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