Executive salaries

How great is this?

President Obama wants to cap executive salaries at $500,000 for companies who take a bail out.

"We don't disparage wealth. We don't begrudge anybody for achieving success. And we believe that success should be rewarded," Obama said. "But what gets people upset — and rightfully so — are executives being rewarded for failure, especially when those rewards are subsidized by U.S. taxpayers."

Anyway you look at it, it just doesn't make sense paying an individual such outrageous salaries, regardless of the results they achieve. How can anyone in their right mind morally accept millions of dollars a year to run an organisation, especially in light of government bail outs and redundancies? If politicians are earning only hundreds of thousands to run our countries what is so special about corporations that they have to pay executives millions or billions?

Maybe the Australian government could follow his example.

I found this story on the Simple Justice blog and the comments made me smile, especially this one.

If the ostentatious show of wealth was a badge of honor before, the threadbare suit will be the indicia of fiscally-sensitive importance over the next few years.

I really hope so......