Change I Don't Believe In

So, it now appears that the Obama administration is promising to restrict pay for senior executives at the big banks that got TARP bucks:

Responding to the growing furor over the paychecks of executives at companies that received billions of dollars in federal bailouts, the Obama administration will order the companies that received the most aid to deeply slash the compensation to their highest paid executives, an official involved in the decision said on Wednesday.

Under the plan, which will be announced in the next few days by the Treasury Department, the seven companies that received the most assistance will have to cut the cash payouts to their 25 best-paid executives by an average of about 90 percent from last year. For many of the executives, the cash they would have received will be replaced by stock that they will be restricted from selling immediately.

The devil is in the details, and I simply believe this to be political theater.

There will be loopholes large enough to drive a truck load of cash through. I do not know what they are, but I believe this to be the case.

Barack Obama and Geithner/Summers have been steadfast in their continued support of Wall Street fat cats, and I do not expect this to change.