US government just limit the executive compensation to 500k.... his logic is that "What gets people upset - and rightfully so - are executives being rewarded for failure, especially when those rewards are subsidised by US taxpayers,"
I dun get it. I thought all those people who made all the mistakes (2-4 years back) are all gone. Most of the banks has new CEOs who just got on board in the past year....
The new poilcy is punishing these new guys who are trying to right the disaster left behind by all those previous CEOs who took/con away all the money. 500k/annum to run citibank????? I think that is less that some of the admin staff we have in singapore
Crazy lah. They should spend some effort in trying to claw back some money from those people who was in charge 2-4 years ago.
Examples, Merill lynch: Stan Oneal + citibank: Charles Prince both run away in Nov 2007 after years in charge during the fake boom times.