As I read this article, something dawns on me. It is this sentence that does it.
Increasing oversight of executive pay has been under consideration for some time, but the decision was made in recent days as public fury over bonuses has spilled into the regulatory effort.
First of all, they claim that a goof was made last year in that they didn’t consider bonuses as part of salaries when the original bailout bill was written, voted on and signed. I know that as little as I pay to business news I know that most bigwigs in companies make the money from bonuses and stock packages, so why didn’t those in DC realize it. Second, they actually put in the Dodd amendment as part of TARP in order to allow for bonuses to be paid. Third, they are now denying knowing about the amount of the bonuses being paid and that is what is in the news. I think a lot of people are upset about the bonuses, but are also upset at the games that our elected officials are playing about the bonuses. They have put the bonuses in the news and in a way have manufactured outrage about it by pointing fingers at AIG (while not really mentioning the bonuses paid at Merrill Lynch and Fannie and Freddy.)
Isn’t it interesting that they are now using public fury, from their lack of taking care of the bonuses in the first place, as the reason to start regulating salaries? How much of this is that they manufactured the outrage in order to get to this point? Do we really want the government to be able to conrol our salaries? If they can do it at that level, then at what level will the stop? I think back my post from yesterday when it came to my attention that they are planning on taxing everyone who makes over $250000 who got a bonus. I have to say that from working in corporations, I never got upset that people made that kind of money because of the responsibility they had and the fact that they tended to work 24/7 due to the age of email and texting. In a lot of areas in this country, that is pretty much middle class, maybe a higher end of middle class, but it is middle class. It might be the difference of whether or not their children can play little league this year. But, of course, that is the rich in the eyes of Obama.