Exec Pay Limit as Toothless as Gabby Hays

Remember when I said yesterday that The Devil is in the Details regarding Obama's pay limits?

Well, ProPublica is all over this.....The bullet points:

• No enforcement mechanism or penalties.
• The conditions for things like stock grants are unclear, and look to be loophole filled.
• Shareholder votes on pay are non-binding.
• The $500K limits applies only to banks that aren't "healthy", which is basically none of them, because if Citi qualifies as "healthy", they all do.

Oh, well, it was nice believing that something would be done for a few minutes.