E. Thomas McClanahan (2/8, Opinion, “Be careful what we let Washington decide”) gets it wrong with his assertion that “The larger issues raised here are troubling. In Washington we now have a lot of people who believe they ‘know’ exactly how much bank executives ‘should’ be making.”
No, Thomas. What we have are a lot of people all over the country, including Washington, witnessing the looting of the U.S. Treasury. These brilliant financial people need a good spanking in the only language they understand. The single most effective way to stem the crisis will be to impose compensation limits on executives of those institutions that created this train wreck and now need the taxpayers to bail them out.
And don’t even suggest we need to pay big rewards to retain this top talent. Top talent like this is the kind we don’t need.