According to the International Herald Tribune the Obama administration is going to seek an increase in oversight of executive pay.
Whoa! This is taking the current populist stance way too far. I can understand strict oversight of the companies who have accepted bailout money willingly, but for those whom those monies were forced on or those not involved at all, this is intrusion we will come to regret.
I think what's happening here is the general public is seeing the multi million dollar figures without knowledge of how large corporations conduct their business nor how executive level employees across the board are compensated. The administration is fast approaching European socialism where governments intrude in all things corporate.
I've read hundreds of blogs parroting the outrage of the dollar amounts of the bonuses while the populist are losing their jobs and homes. How many companies other than AIG are handing out similar bonuses? A lot. Is the public equally outraged at this? Are they even aware of it? Has it finally hit home that both Geitner and the Fed were aware of the AIG bonus plan before and complicit with it before the money was distributed? Has it come across that Senator Dodd, who denied putting the clause in the stimulus package allowing the bonus to be paid, did in fact put it in? That he lied? And that Geitner did too by not coming forward with this information?
Let's see where the outrage is for a few other things like the multi million dollar contracts athletes get, not to mention signing bonuses for untried players. How about the cost to tax payers when they're held hostage by team owners who want a new stadium or arena and won't put up the money themselves but threaten to pull the team? Where's the outrage from the people who will never make that kind of money nor get those bonuses nor even attend a game. A game! I won't even get into the money Hollywood puts out for trash! Where's the outrage? All the while this is happening people are still losing their jobs and their homes.
At the moment everything bailout is in a state of chaos. It reminds me a bit of the French Revolution when Marie Antoinette was saying, "Let them eat cake" as the people were starving. The people rebelled and aristocratic heads rolled. A parallel exists here by looking at how the web that has been spun is beginning to strangle those who wove it. That's why I suggested in yesterday's post it's time for Obama to scale back his own big picture agenda and get a handle on what in the grand scheme of things should be a relatively minor blip. Or does he really want this "revolution" to continue fomenting?
Obama should take note of Georges Danton, a revolutionist himself who fell out with Robespierre. He's noted for saying, as he went to meet Madam Guillotine, "La revolution devore ses enfantes." The revolution eats it's own children. What did he do that was so egregious to the more extreme of his own kind? He was not a fanatic and was capable of moderation and genuine reason.
This is how I view Obama. However, if he doesn't start leading, the more extreme segments of his own party as well as we, his people may begin a revolution he'll not be able to contain. Maybe now is the time for some heads to roll!