It needs to be a bi-partisan Congressional oversight committee. This is too much money and authority to put in the hands of one person, especially one that was head of Goldman-Sach and is part of the problem. This doesn't have to be done overnight, either. We have re-assured the market that the problem will be addresses. Now we must take enough time to be sure the financial industry isn't foisting a con on us and take steps to insure that the financial interests of corporations do not come before the best interests of the Nation and the wishes of the constituencies. Some speculators may just have to take a bath here. Tough chit. All pay must be tied to performance and more importantly the ineffective boards aren't doing their jobs to control salary inflation. Executive pay should be voted on by the shareholders, not by the hand-picked Board members. If they are making us money, we'll give them reasonable raises and if they lose us money, not a chance. Balance is the key. Neither over nor underly regulated but properly regulated. Most important is to link responsibility and consequences. With such huge compensations, it paid executives to milk a corporation for all of the short-term profits they could manage to justify exorbitant salaries and golden parachutes. Get your fortune quickly and then bail out. Those shareholders who must bear the ultimate consequences are spread too thin to influence the executives who have all of the responsibilities and authority. Regulations must protect the shareholders from abuse of position by overpaid executives who effectively have to account for nothing to no one.
