Wage Controls for Wall Street?

Wage controls
for wall street

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Obama expressed outrage earlier this week after the New York state comptroller reported that Wall Street firms disbursed $18.4 billion in bonuses last year as the U.S. sank into a recession. While the figure represents a 44 percent decline from the previous year amid record losses in the securities industry, the bonus pool was the sixth-largest ever, the comptroller said in a yearly report. [bloomberg]

Politicians make low salaries but make up the difference with graft, and with revolving door jobs before and after taking office. Are we suggesting that Wall Street should work the same way, on the take and off the books? Or should the firms that take bailout money pay lower compensation than those who did not get bailed out? Will that lead to a brain drain from the bailed out companies? And if the loss of brains leads to a less efficient firm, will we bail the dummies out again? Seems that the only real solutions are systemic. Maybe a year of unpaid job corp service for every year an executive makes more than one million? Make philanthropy mandatory at a 55% rate above one million a year in compensation? Wage Controls for Wall Street?
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