Friday, May 22, 2009

Geithner Calls for ‘Very Substantial’ Change in Wall Street Pay

Treasury Secretary Timothy Geithner called for major changes in compensation practices at financial companies and said the Obama administration’s plan to help realign pay with performance will be rolled out by mid-June.

“I don’t think we can go back to the way it was,” Geithner said in an interview on Bloomberg Television’s “Political Capital with Al Hunt,” to be aired tonight and over the weekend, reports Bloomberg. “We’re going to need to see very, very substantial change.”

A government structuring of compensation means one thing, directing compensation toward those who deliver on governments pet projects.

We have picked up the pace on the road to serfdom. From a crawl, we are now jogging.

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