Monday, September 22, 2008

CEO Pay Limits? Let's Fry Bigger Fish

It seems like the bone of contention in the Treasury bailout is the idea to limit CEO pay for participating firms.

Even McCain has endorsed the idea, which has populist flair - and we all know that McCain's latest incarnation in the past 24 hours is as everyman's greatest populist.

Yes, CEO pay is obscene. But I disagree on this point. Now isn't the time to try to reform Wall Street millionaires, when TRILLIONS are at stake. It all seems a lot to people, but this is a little like standing at the Casablanca airport trying to come up with the $200 airfare for the last plane out before the Nazi's arrive and arguing back and forth about whether to tip the handler five cents or one cent.

It is SMALL POTATOES. Let's move on.

Getting equity stakes in the company, and having transparency and oversight of the process, are the key things Democrats have to fight for. CEO pay is just politics as usual. Let Paulson have it, if we can get what has to be in this measure.

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