The story i am posting here (click)is so revealing of the incompetence of Team Obama in charge of the rescue package to save Wall Street.
US government is finally taking more seriously how upset the taxpayers over the injustice of the package.
Belatedly, it is sending bureaucrats to help set salaries scale. This is nuts. It's too LATE. It will be a nightmare for everyone.
I may sound like a broken record, the proper time line would have been temporarily nationalizing those firms that needed bailout money. They should have long done the following:
1) replace the sitting managements by promoting from within those firms with a new mindset and a mandate to reform from with;
2) replace in whole or in parts the members of the boards that had failed miserably in their fiduciary duties because they had allowed the managements to run amok producing and selling toxic derivative products in a greater fools game that had blown up.
3) let the new boards and management retool compensation packages on their own. This must be done throughout Wall Street so that no retooled firms can implement an incentive package substantially more attractive than any others on the Street that would cause an exodus from one firm to another.
Right now to do what should have been done in like sticking fingers into holes of a dam already half collapsed. Imagine having to work this out with the same managements that had gone amok in the first place?! Nuts.
It is a mess.