Article: "U.S. sets executive pay limits for bailout companies."

The link: http://biz.yahoo.com/rb/090204/business_us_obama.html?.v=9

"WASHINGTON (Reuters) - President Barack Obama took on bailed-out Wall Street firms on Wednesday, setting a $500,000 annual cap on executive pay for companies getting taxpayer funds and tapping popular anger over financial sector excesses."

It's about bloody time. I'm going to agree with part of what the article said: " "This is pure political grandstanding. If the limit has bite, it will be counterproductive and the unintended consequences will hurt the U.S. as skilled and bright senior managers make choices," said David Kotok, chief investment officer at Cumberland. "If the limits have loopholes, they are a sham. Industrial policies fail. So will this one." "

Ok..there's a lot there, but I didn't want to be accused of taking something out of context (again.) Yes, for my money, this is a political grandstand. But I also agree with it.

Why? Because the fat, greedy business "executives" who make the decisions frequently got their "knowledge" of their business from a book when they were at University. I've seen that all too often, in fact, dealt with some of them at KMart, where I used to work well over a decade ago now.

One "manager" let's call him Mr Z (for the record, there was no manager at that store that had a last name that started with "Z", which is why I chose it) had just gotten out of University, still had his degree in his hot sweaty hands and was going to tell us how to fix things.

By this time, however, I'd worked for KMart for over nine years in the trenches. I'd covered every department the store had, including loss control and pharmacy. Mr Z came up to me and said "Greg, I want you to do this, that, that, this, and then something else. I want you to do it this way, and I want it done as quickly as possible."

"Aye, Sir. I'll get it done immediately after I get Ms Z's list done" (They're not related, but I did have another manager who had her own list of things to do.)

"Greg, I meant right now."

"I understand that, Sir. However, if I do your list first, Ms Z will not be pleased. Would you be so kind as to tell her that I have a new set of instructions?"

"Why are you being so damn stubborn! I NEED THIS DONE."

"Alright - look. You come in here cocking the walk and by your own admission you've never worked on the sales floor of a retail store. By your own admission all that you know you read in a book. Things don't work that way in real life. I'm sorry, but they don't.

If you're going to be a successful manager, you need to learn a few things. Start by sitting down and talking with Ms Z, who does understand. After all - she's been doing it longer than you've been alive. You need to pay attention and listen to your people - you'll learn quite a few things."

That got me written up, but true to form Mr Z and Ms Z did have words. It was Ms Z chewing him out, and to be frank - he deserved it.

But to her credit, Ms Z did tell me off the record that if I hadn't done it first, she would have.

That, however, should tell you something. First, that I'm mouthy. :) Second, that many managers simply have no clue as to what's going on. Executives also fall into this category. I know that some hiring manager will read this posting in future and decide I'm too "combative."

Their loss. But if you're going to hire managers and executives who don't know how to get their hands dirty doing honest work ... perhaps you have it coming?

So yes, this latest bit from President Obama is political grandstanding. I firmly believe that. I also firmly believe that it needed to be done.

I've said quite a few bad things about President Obama - I know that. But I also will give credit where it's due. And my hat is off to him for this.

It's past time to make the fat morally-bankrupt executives take notice. The American People are pissed off at their largesse. It's time to slap them upside the head and make them learn. And since money seems to be all they're interested in - that's where you start.