I have long been a critic of excessive executive compensation, and now Congress is exceptionally upset over the high bonuses paid to Wall Street executives of firms that are now in collapse.
I would also include the excessive pay to board members who did very little for their large checks; their primary job was to oversee the managers. Congress seems intent on focusing on all executive bonuses, even firms that are not under current scrutiny.
Carly Fiorna, a major spokeperson for McCain is blasted for her generous severence package from Hewlitt Packard, after a period of seemingly poor performance. Hewlitt Packard is under no threat of needing a bailout or any other kind of federal taxpayer assistance. Why should McCain be called to answer for her bonus, regardless of its merit?
Are we to also question the ultra high compensation of Michael Eisner, Barbara Streisand, Bill Gates, Michael Vicks, or even George Soros? Where is the outrage over Frank Raines and his $90 million in compensation as he committed massive fraud and ran Fannie Mae into the ground causing the mess we are facing while collecting nothing but praise from the Democrats in Congress?
While I also consider Fiorna’s package generous, there are many more larger bonuses paid with even less merit. Are only Republicans subject to this scutiny or only Republicans actively for McCain? Are only business excecutives to become scrutinized for excess compensation or will movie stars and sports figures also come under fire?