Pan o Palo


From The “Did You Really Say That?” File
February 4, 2009, 10:46 pm
Filed under: Uncategorized

From the NYT:

“That is pretty draconian — $500,000 is not a lot of money, particularly if there is no bonus,” said James F. Reda, founder and managing director of James F. Reda & Associates, a compensation consulting firm. “And you know these companies that are in trouble are not going to pay much of an annual dividend.”

Mr. Reda said only a handful of big companies pay chief executives and other senior executives $500,000 or less in total compensation. He said such limits will make it hard for the companies to recruit and keep executives, most of whom could earn more money at other firms.

“It would be really tough to get people to staff” companies that are forced to impose these limits, he said. “I don’t think this will work.”

Of course, he’s referring to Obama’s plan to “curb” executive compensation at companies who received TARP funds.

The nerve.

(emphasis mine)

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