Last week President Obama set a $500,000 pay cap for executives of failing firms. Now these are the men who have driven their companies into the ground; continually lied to investors and still have had the balls to ask taxpayers for a "bailout".
I find it infuriating that the Government would even give a failing executive that high of a yearly salary! Whatever happened to pay for performance? I am a retired Federal Gov't employee and over the years we've unjustifiably been tagged as lazy and inefficient.
Yet, I can guarantee you that I had an annual Performance Plan with specific quarterly goals that I had to meet. My performance against those targeted goals was closely monitored and discussed during quarterly reviews. No way would my boss have given me a bonus or pay raise if I hadn't meet those goals.
I don't know how a corporate executive can actually sit there with a straight face and ask for a bailout when they have so miserably failed as a leader and financially raped their company by taking millons of dollars in yearly salaries.
I'm a Boomer who was taught early on that you put in a hard day's work for a fair wage. Yet, if the Feds continue to grant bailouts to failing corporate leaders, then they are rewarding them for poor performance.
Seems to me that if the Federal Gov't doesn't also dictate that there must be a direct link between an executive's salary and profitable performance, then it's sending the message that they can still make at least $500,000 just for showing up!!