Wednesday, June 10, 2009

Administration to issue new Wall Street pay curbs

In an overdue effort to curb insider trading and the debacle that brought the economy to its knees last year, the Obama administration is issuing guidelines for new brokers on Wall Street.

According to an AP story: "Eager to remove incentives that they say contributed to last year's financial crisis, President Barack Obama's economic team plans to unfurl broad executive pay principles, possibly as early as Wednesday, that put a premium on long-term performance over short-term gain."

I am most encouraged by this latest effort to rein in the sense of entitlement and "gimme" attitude that has long permeated the institute of Wall Street. For too long, huge bonuses have been paid, brokers have lived like kings and have owned several homes when too many others have not even enough monies to make ends meet who might be working around the corner in other occupations. The gravy train has come to an end, the golden calf has turned to stone.

Thank God!

Here is the link to the story in its entirety:

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