“We have a bunch of idiots on Wall Street that are kicking sand in the face of the American taxpayer,” says Sen. Claire McCaskill.
One could level the same charge at Congress; but I digress.
Sen. McCaskill was talking about her new bill. It would cap salaries at companies that take bailout money. In a nice bit of symbolism, Wall Street executives would be allowed to earn no more than President Obama’s salary.
Now, suppose that you’re a talented executive who specializes in rehabilitating poorly performing companies. A turnaround artist. Why would you go someplace that would only pay you $400,000? You’ll work somewhere else. The companies that need top talent the most wouldn’t be able to attract it. To do so would be illegal.
Somehow, I don’t see Sen. McCaskill’s legislation helping ailing companies. Or the jobs they provide.