More meetings on command and control planning of the economy.
Treasury Secretary Geithner will meet later today with SEC Chairwoman Mary Schapiro, and Federal Reserve Governor Dan Tarullo, along with "leading experts" to discuss the need to "reform" compensation policies.
Compensation has up to now been controlled by the free market. Reform is code for more government control. Let's see if the compensation is controlled of Richard Kovacevich, Wells Fargo's chairman, who called the stress tests asinine.
From the NY Times:
ReplyDeleteThe Obama administration on Wednesday appointed a compensation czar who will have broad discretion to set the pay for 175 top executives at seven of the nation’s largest companies, which received hundreds of billions of dollars in federal assistance to survive.
http://www.nytimes.com/2009/06/11/business/11pay.html?hp
Companies should start changing titles, divide responsibilities and tweak pay to dive through every loophole they can find. It'll be fun to watch a "janitor" running a Fortune 500 company.
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