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Could bailout’s pay caps launch Wall Street trend?
Source: Christian Science Monitor
Posted on 09.30.08 by Steve Trinward

“Lloyd Blankfein, chairman of Goldman Sachs, made $73.7 million last year. James ‘Jamie’ Dimon, chairman of J.P. Morgan Chase, had to make do with $57.2 million, reported Forbes magazine. But if either company takes part in the federal government’s $700 billion rescue plan for financial firms, Mr. Blankfein and Mr. Diamon may have to be content with $500,000 a year, or their company will have to pay higher taxes. While it’s not likely this will cause either man to skimp on meals, the proposed mandate shows the depth of animosity toward highly paid executives on Wall Street. Some compensation consultants wonder, in fact, if the clampdown may be the leading edge of a shift away from the enormous pay packages of the past decade.” [editor’s note: Dude, if a CEO administers a company that makes money, and creates profits for everyone in and around that company (including its workers?), give him/her anything the heart desires. If the bozo presides over the collapse of said firm, the best the scumsucking slug should expect is a private cell! - SAT] (09/29/08)


Link: http://www.csmonitor.com/2008/0930/p01s02-usec.html

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