One of the leading controversies on the Sunday TV talk shows was the appropriateness of the government imposing limits on the executive compensation packages of those corporations which have been bailed out with tax funds.
A moment's reflection on the fact that the taxpayer now stands in the place of the stockholder as the owner of these companies should be a sufficient justification for these limits.
Stockholders, as the owners of a corporation, originally set the compensation of its officers and employees, but over the years, the officers and boards of directors, through a series of strategies, wrested control from the stockholders and, treating the companies as their own, set their own compensations without regard for the wishes of the true owners, the stockholders. Their view? If you don't like it, sell you stock. A board room "coup de corps!"
When these corporations who now owe their very existence to the American taxpayer have repaid the government, they can go back to their former way of doing business if their stockholders permit.
Till then, they can thank their stars that the government bailed them out and saved their bacon and be grateful that they still have a job rather than complain that they can no longer take home a paycheck in the millions.
Randy Ludacer
Lake Placid
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