Hey, You Turkeys: Quit Gobbling CEO Pay

Costly salaries make sense if they save billions
By Ambreen Ali,  Newser User
Posted Oct 1, 2008 1:11 PM CDT
Democrats are at least consistent in their "class envy" message, Sowell writes.   (AP Photo)
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(Newser) – Politically imposed CEO pay limits are “one of the most penny-wise and pound-foolish things” the “turkeys in Congress” are looking to impose in the bailout package, Thomas Sowell writes in the National Review. It’s a bargain to get a CEO “out the door immediately for millions” rather than pay billions in bad decisions.

Even if the CEOs of financial institutions worked for free, the savings wouldn’t amount to 1% of the bailout cost. But “people who say that they cannot understand how CEOs in general get so many millions of dollars seem not to realize what a trivial thing they are saying,” Sowell steams. “Most people do not understand most things. But that is no reason to have national policy guided by their ignorance.”