E-mail:

Rich,
As usual, the Obama administration over-steps its bounds. The government has majority ownership in AIG and GM, so I guess they can call the shots there.
Approximate government ownership percentages:
AIG: 80
BoA: 40
Citi: 34
GM: 60
GMAC: 35
Chrysler: 10
Chrysler Finance: I couldn’t find quickly
But isn’t it the role of the Board of Directors to set executive compensation? Why would they not call a Board of Directors meeting and put the compensation packages to a vote of the shareholders (Hint: they may lose the vote)….

Another:

Mr. Lowry,
Every time the extremely high pay given to the various executives of the financial industry is criticized and then later reduced, there is a corresponding reduced amount of tax revenue that does not get to the various government entities. The governor of New York was recently lamenting that very issue.