Thursday, February 5, 2009

Capping Corporate Executive Salaries

I applaud President Obama’s decision to cap corporate executives’ salaries receiving federal bailout money. It’s about time government took the reins of control in the midst of a serious economic crisis, and a shameful embarrassment as corporate executives were rewarding themselves with excessive bonuses and salaries and lavish junkets while their companies were failing, or on the verge of collapse, and they went begging for government handouts.

Regardless of what critics say about government staying out of the affairs of corporations, it is only logical that government should have the right to speak on behalf of the people whose money is being used to bail out these failed institutions – only for the money to be wasted on lavish executive spending rather than bailing out their customers, or their own employees, who they helped to displace. These also were people put into financial jeopardy facing possible losses of their homes in addition to losing their jobs.

If $500,000 a year is not enough for these people, then let them spend at least 3 months living in a skid row neighborhood in their nearest metropolitan area and let them make do with general relief and food stamps. Then, perhaps there will be less complaining, for they will see what it is really like. Maybe, corporate executives will be more compassionate for these people rather than wasting their money on lavish corporate parties and celebrations. Coincidentally, there was once a fabled story where a prince in India renounced his throne to live and learn about the people who lived in poverty. His experiences led him to great wisdom and his wisdom has taught many things to the world – taught in many schools today. He was Prince Siddhartha – Gautama Buddha.

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