While an across the board pay cap may not be the ideal solution, I think it is appropriate to hold these executives accountable for the role they played in creating the financial mess we're all in.
As others have commented, were it not for the bail out money, some of these execs would be unemployed.

Some say leave it to market forces - I disagree. The market is over inflated, too artificial and too susceptible to interference by 'big' players. There is too much focus on unrealistic goals and keeping shareholders happy now rather than providing a realistic view of what's going on in the business & creating real shareholder value.

Most business leaders (I'm not excluding others here - most leaders, period), are too focussed on short term gain at the expense of long term growth and stability.

Having said all that - the caps should not be permanent. Once the economy rebounds, once the business is back on track - let's review exec salaries and work on a compensation plan that is realistic. Good for both the exec (incentive to move the organization forward in the right direction) and the organization.

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