According to the NY Times, Obama is going to announce his support for sweeping oversite of executive pay at ALL banks, Wall Street Firms, and "other companies." Is he trying to tank the economy? Is he trying to ruin our companies?
If there is one thing we know, it is that companies do not (intentionally) pay employees any more money than is absolutely necessary. For companies paying their execs big bucks, it means they believe ("rightfully or not") that the executive is worth it to the firm's bottom line.
Now, Obama is going to decide what the executive is worth to the firm? How would he know? Does anyone think Barney Frank, Chris Dodd, and Charley "I don't pay taxes" Rangle know how much to pay these people?
If Obama's plan goes into effect, the highly paid executives will leave for foreign firms. In particular, banks like Deutche Bank are licking their chops at the possibility of picking up top execs of American banks.
While I did not vote for Obama, he seemed to be a very smart man. Unfortunately, it looks like his economic policies are FAR to the left of where we expected.