From an article in MSNBC today:
"This is a big deal. This is a problem," said Scott Talbott, chief lobbyist for the nation's largest financial services firms. "It undermines the current incentive structure."
Talbott said banking executives expected certain restrictions would be applied to them but are concerned that some of the most highly paid employees, such as top traders, who bring in hefty sums for the company, would flee to hedge funds or foreign banks that have not accepted U.S. government funds.
The White House restrictions capped executive pay at $500,000 and allowed companies to award unlimited stock. Those rules applied only to institutions that receive government funds in the future and under limited circumstances.
Significant impact seen
Bonuses make up much of financial executives' take-home pay, so the new rules could significantly diminish their compensation.
Who cares if they leave? It's not as if these people aren't replaceable. They haven't been doing their jobs, anyway,- not the jobs they were supposed to do, and even worse... they're responsible for leaving us with one hell of a mess. Who wouldn't be fired for that, run out of town even, in the REAL WORLD? All evidence is that they're inept, or coreless, hacks made inept by their excessive greed. How many people are there out there, qualified banking professionals, who would die for the money they're "cutting" these folks to, who would bust their humps to do these jobs and would do them well?
Compensation packages in line with reality and people who are happy to do the job the right way for such a package... what a ridiculous idea.