Republican heretic says CEO pay sign of moral decline

Whoa there fella. Are you telling me that there is something wrong with unbridled capitalism? Watch out. In the Republican South you could be lynched for saying that.

From CNN:
Lawmaker: CEO pay shows 'decline' in ethics
Republican congressman Spencer Bachus says Americans won't tolerate excessive executive compensation much longer.
March 6 2007: 9:50 AM EST

WASHINGTON (Reuters) -- A southern Republican lawmaker with financial market clout said excessive corporate executive pay reflects U.S. ethical and moral decline and warned that most Americans will not put up with it for very long.

In language seldom heard from his party on Capitol Hill, Alabama's Rep. Spencer Bachus said Americans are disturbed by chief executives "whose pay is not justified by their performance."

Excessive CEO pay has grown as a political issue in recent years.

"If nothing else, it shows we've had some decline in ethics or our moral behavior. How we address that I'm not sure. It's a situation most Americans will not tolerate for long," he told reporters Monday after speaking to a group of bankers.

The House Financial Services Committee, on which the Alabama lawmaker is the senior Republican, is set to hold a hearing Thursday on corporate executive pay...

No comments: