Compensation caps work

The insanely greedy behavior of UK bankers demonstrates that capping executive compensation will keep companies off the government dole:

Banks dependent on taxpayer support are planning to rush out hundreds of millions of pounds in bonuses to senior bankers and traders before a threatened crackdown. As ministers prepared to curb excessive remuneration, it emerged that Barclays and Lloyds Banking Group were poised to follow Royal Bank of Scotland (RBS) by paying bonuses within weeks.

None of this is going to help bring about economic recovery, I’d just as soon see the banks allowed to fail and their overpaid executives sent to the People’s Republic of China where they could assemble children’s toys. They’d certainly do far less damage in the future that way.