With Washington’s “pay czar” setting limits for executives of bailed out Wall Street firms, five high-ranking execs at AIG reportedly are ready to quit if their compensation is cut significantly. Law Professor Tamar Frankel, an authority on securities law and legal ethics, says maybe its time to both change the guard and change the mores that presume top pay equals top-quality management.
“We need those who care about the economy and their contribution to their corporations. Most of all, we need to change our evaluation of management — pay alone should not signify value.”
Contact Tamar Frankel, 617-353-3773, email@example.com