Not Enough Bullets: Chrysler/Fiat

It appears that Fiat may be the employer of record for senior management, and that they will then be "seconded" to Chrysler in order to skirt pay limitations at bailed out firms. (See also here)

In the long run, the real answer is confiscatory taxes at higher levels of remuneration.

Figure bumping the tax rate by 1% at $250K/year and at each $250K break point, with a limit of 85% at income in excess of $13¼ million a year, or 90% at 14½ million a year.

This crap needs to stop. These executives are overpaid by the standards of the world, they will be making more than the Chairman of Fiat, which is taking them over, and they do not deliver value.

The problem is not excessive salaries for senior executives at bailed out firms, it is excessive salaries, period, full stop.

It is theft from the shareholders and the less well remunerated employees, and it is corrosive to society.