The White House pay czar isn’t reforming Wall Street. He’s cutting deals with it. We need to understand the difference.
Can excess on Wall Street ever be ended? Maybe. Some lawmakers in France have a plan that could end it.
All the big banks in the Netherlands, pressed on by the Dutch finance minister, have agreed on a serious plan to restrain banker bonuses. And now the Dutch want the rest of the world to sign on.
Top execs in high finance, says the Institute for Policy Studies, have turned hard times — for the American people — into a springboard for still another round of unconscionably huge pay windfalls.
Across the pond, in the UK, the idea of capping income is suddenly starting to make a respectable splash.
To be effective, the lead executive pay reformer in Congress is now understanding, executive pay reform needs to go well beyond empowering shareholders.
Remember that $500,000 pay cap for bailed-out banking executives the White House announced back in February? Under Treasury Secretary Tim Geithner’s new rules for bailout pay, that maximum has become a minimum.
To rescue the global economy from reckless power suits, we just may need a ‘maximum wage.’ So say Australia’s top labor leaders and a daring cohort of MPs in the UK.
The awesomely affluent of high finance, if current trends continue, seem almost certain to survive the mess they’ve created — with their wealth and power largely intact. And Treasury and Congress don’t appear to really mind.
American workers get killed on the job, or badly injured, with a frightening frequency. CEOs have little reason to worry. So why are corporations rewarding CEOs so lavishly for ‘taking risks’?