The White House has decided to restrict compensation at seven firms that got special bailouts, and the Federal Reserve proposed to review pay practices at 28 unnamed giant banks. while critics are concerned that reining in pay makes it hard to keep talented employees.
Fortune magazine: ”Who cares if Wall Street talent leaves? It's not as if the best and brightest were doing a good job to begin with.”
True enough. But Fortune misses the real point: “Can the second-raters do better?”
[Update] Others are noticing, too.
[Another Update] And for the Obamanauts, recognition that the rules don’t apply to their side.
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