In The News: Says Obama – Pay Caps Be Gone…Maybe…
So it seems that President Obama may be realizing what happens to the tax payers’ investments (in BofA and Citi, for example) when strict pay caps are imposed – top talent leaves, banks become garbage – hooray…wait a minute, that’s not a good thing. Realizing that this may not be in the best interest of his constituency, rumor has it that Obama seems ready to flip flop and either alleviate or eliminate the aforementioned caps. While I am all for this, it does make you wonder what really changed his mind – I mean everyone has been saying that top talent would leave, everyone knew that, if not now, then once the market recovers, top talent could leave, so perhaps something else smacked him in the face and woke him up. There’s a mystery here, but let’s be honest, no one really cares at this point. It was a quick flip flop though…
