There are 2 main arguments I'm hearing from people about the 500K cap that Obama and team have imposed on Wall Street as part of receiving TARP funds:
- Retain the best: As a financial company shareholder, I want/need the best and the brightest in their positions and thus, need to be able to retain employees who make more than 500K per year.
- Socialism: Government caps on salary amount to a cap on success will engender socialism and a welfare society
I'm sorry but both of these arguments, in my humble opinion, are complete bull shit. The financial industry employees should have senior executive bonuses for the past 3 years clawed back simply for making the idiotic decision to pay bonuses equivalent to 2004 this year -- let alone for their contributions for getting us into this mess!