TIMES VIEW | Time for just desserts

US financial companies who receive aid from the administration have been directed to cap compensations of top executives at $5,00,000 a year. This is a welcome decision taken by US President Barack Obama's team. At a time when the US and world economy is nosediving, top officials in financial companies that were largely responsible for this holy mess cannot keep taking home bloated pay packets and bonuses.
There is considerable anger in the American public over what are perceived as unfair, even obscene, compensations and perks being lavished upon those who were at the helm when the ship sank. Not unjustifiably so. Millions of people are losing their homes, livelihoods, pensions and savings; at the same time, the captains of companies that had a role to play in this mess and begged the government and got a bailout place orders for luxury jets, antique commodes, million-dollar rugs and what have you. It's only fair that the dole comes with a set of terms and conditions.
It's being argued not surprisingly by those who stand to lose their privileges that if a company does not pay well it will not be able to retain the best talent. Well, the fact is that if these professionals were as super-competent and blindingly bright as they are being made out to be, they surely would have not dragged themselves and the entire world to the brink of an economic abyss. Now that they have, maybe it's time for a reality check. And as for attracting new talent, no one should be expecting the moon when the ground beneath Americans' collective feet is giving way.
The rationale for top professionals in financial companies to take a cut is based not just on moral grounds but also on a hard-nosed corporate norm you perform or you pay the price. It is the taxpayers who are bankrolling these failing companies. Surely they can demand accountability from those receiving their dollars. COUNTERVIEW | This is a bad idea