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Thursday, October 22, 2009

AP Video: Govt. Tells Seven Firms to Slash Executive Pay 

And more via The Washington Post:

"With financial markets booming even as Main Street is still largely mired in recession, policymakers in Washington on Thursday were scrambling to contain growing populist anger by proposing new rules to curb runaway pay on Wall Street."

Click HERE to read the full article....

It's been a long time since I majored in Economics (not even business) so I'm far from an expert on this stuff, but instead of pandering to public outrage with bullsh-t, fluffy actions like this, how about instigating or enforcing real regulation of the financial markets and the investment banking industry? Is cutting the senior executive pay at 7 top banks really gonna make any difference or should we be overseeing and/or regulating the kind of risky-verging-on-crazy behavior that created Credit Default Swaps and markets for trading 'exotic' financial instruments like weather derivatives that almost collapsed the entire economy in the first place?

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