Mr Feineberg seems to be living in the same dream world as Wall Street Executives (Finance: Softer Approach, New York Times, November 13, 2009: B2).
He is arguing that pay cuts would make it difficult for Wall Street firms to retain talent. He seems unaware that there is an enormous pool of talent in the job market with similar skills, alumni of Bear Stearns and Lehman, who would be delighted to fill the shoes of any executive foolish enough to depart his or her current job.
We, as shareholders and owners of these companies, must keep up the pressure against excessive compensation.
Sent to New York Times