Do CEOs and Company Executives have a duty to bow to expectations that Government will impose on them regulations on them if they give them our tax money to help their companies during this recession?
While I agree many companies need financial aid, I don't think they should do it at our expense while making million, while the rest of the world lives on meagre salaries.. I don't expect someone who made $20 Million to make $20,000.00 but I really don't expect them to make much more considering many have stock options and other perks that none of us usually have..
If John Thain had not been allowed to spend $1.2 million U.S. fixing up his office, including $1,500 for a wastepaper basket, would he have still have done as good a job? Considering he ran Merrill Lynch into the ground during his watch as CEO, it is hard to see how he could have done any worse.
This is a man whose pay and benefits in 2007 totalled something over $80 million.
The collapse of the Wall Street banks has poked an enormous hole in the idea of merit pay and perquisites. And into that hole has stepped U.S. President Barack Obama, who has announced a salary cap of a meagre half-million dollars for running a company that accepts taxpayer cash.
There have been howls of outrage. "No one goes to Wall Street to save the world," one well-paid analyst told the Bloomberg business news service.
And there is a certain justice in merit pay. If you are working hard while a colleague two desks away sits doodling and staring out the window, it feels right that you should be paid more.