Thursday, February 5, 2009

Obama wants salary cut for many US executives

"Critics said the move could prompt talented executives to flee companies that fall under the guidelines.

"One size fits all has never worked. It is an understandable effort but it is a dangerous one," said Mark Poerio, partner at law firm Paul Hastings.

"If you have someone who was making well over $1 million, and now they are capped at $500,000, it is very conceivable that they are going to look to go to a company that is not subject to those limitations."

Ok, imagine this; profitable company conducts interview of executive from failing, bailed out company.

HR guy says;
and what makes you think you are the best person for the job and are worth $1 million annually?

Bailout guy says;
well my record of superior management and experience of course.

HR guy;
do you think you can accomplish the same for us?

Bailout guy;
which do you mean? Lose your company $2.3 billion in a single quarter or get you a $25 Billion bailout?

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