Lawmakers make laws. They don't enforce them. Corporate America understands that difference — and exploits it with a relentless regularity. The latest case in point: the battle over outrageous CEO pay.
Pundits and politicians love to righteously denounce the windfall rewards that go to corporate CEOs who 'fail.' But windfalls for CEOs who 'perform,' researchers suggest, ought to worry us far more.
Taxpayers, once again this year, are subsidizing over-the-top CEO pay by the billions. But now on the table: a promising new proposal that encourages corporations to share that excess — or else.
Corporate America is working feverishly behind the scenes to smother a new federal mandate, enacted last year, that just might revitalize the drive to roll back excessive executive pay.
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 huge pay windfalls. Is the CEO pay bubble now beyond popping?
Remember that $500,000 pay cap for bailed-out banking execs the White House announced in February? Under Treasury Secretary Geithner’s new rules for bailout pay, that max has become a minimum.
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