In an article in their Politics section yesterday that discussed the so-called “salary caps” for executives, Foxnews.com reported:
“Irv Becker, a compensation authority at the Hay Group, a global management consulting firm, said bonuses and other incentives account for a major portion of the compensation of financial industry executives.
“The concern that we have is the unintended consequences,” Becker said. “You’re likely to be driving some of these talented executives out of the industry.” “
‘Scuse me? “Talented” is the last word I’d use to describe the executives who created this mess. And since Hay Group had a large hand in creating these much-abused “compensation strategies”, is it any wonder they now take issue with them?