John Tamny RealClearMarkets
In the past week alone, readers of the business press have been treated to a variety of disturbing headlines concerning the federal government’s role in the banking system. Subscribers to the Financial Times were greeted with “Treasury pushes Citi to cancel jet order.”
From the Wall Street Journal readers found out that “On Street, New Reality on Pay Sets In.” With regard to pay, Sen. Claire McCaskill is introducing legislation “that would limit the salary, bonuses and stock options of executives at financial companies getting federal bailout aid to no more than what the president earns.” President Obama has since lent his voice to McCaskill’s echo chamber with a plan to impose a $500,000 salary cap on executives with firms that accepted bailout money.
