Re "Obama to cut execs' pay 50%," Oct. 22
Congratulations to the Obama administration for bringing a shred of fairness and balance into this bailout process.
For Goldman Sachs to declare it is "on track to award $20 billion in bonuses for the year" is the peak of a misplaced sense of entitlement and skewed values.
And to all of those poor little deprived execs who try to jump ship to a company without bonus restrictions, I wonder what your resume will look like?
Perhaps: "Destroyed the previous company I worked for to the point where it deserved to disappear from the face of the Earth."
The Times reported about Obama administration plans to reduce the total compensation of the highest-paid executives running the biggest companies that received federal bailout money.
In response, Jim Reda, an executive pay consultant, said, "These numbers are brutal."
Last year, Citigroup Chief Financial Officer Gary Crittenden's total pay was $12.2 million. AIG's senior vice chairman, Edmund Tse, took in $7.3 million.
The plan would, on average, cut these figures in half?
It is beyond reprehensible that these people should be pocketing such outrageous sums. And about time that the lenders (we, the regular citizens of the U.S.) institute reform.
Currently, the behavior is exactly like a top-heavy, bloated pyramid scheme that has ruined 401(k)s and retirement funds, gets publicly bailed out and then has its execs awarded seven-figure bonuses.
Outrageous and completely unacceptable.
G. Colby Allerton
Relative to Obama reducing the compensation of corporate executives, I don't know what the uproar is all about.
All that he is doing is applying the age-old rule, "He who has the gold makes the rules."
What else would you expect from the government when you accept its bailout funds?
Thank God someone finally had the courage to take on corporate America.
I hope this sends a clear message to overly privileged chief executives and their henchmen that the days of greedy, fat-cat profiteering are over and that their demand for "accountability" from their employees has backfired.