Is the Media so stupid?

Here's a headline from today, which is in tune with all the others on the same subject:
"Goldman Chiefs Give Up Bonuses
Seven Top Executives to Forgo Millions in 2008; Move Could Pressure Other Firms"

In other words, it's OK that the Chairman of the Board of Goldman Sachs last year alone took home $68 million in compensation, as long as this year he'll take only $600,000!

This is one example of what prompted my outrage as expressed in my previous post.

Now imagine all the other executives' compensation in the previous years that led to the disaster that we are seeing now. Merrill Lynch, Bear Stearns, Citibank, Bank of America, Goldman Sachs, Countrywide, Fannie and Freddie... and the list goes on and on. And not just the financials, but also the automakers. I am sure that all their executives' compensation would add past the billion dollar figure. Do you really think that taking less compensation this year is a way to redeem themselves for their past sins? I don't think so. All those guys need to be disgorged from their past years earnings. After all, those were compensations based on fictitious gains for their customers.

Simply not correct that we are bailing out the failing companies, while those guys are keeping their millions. Write your congressmen - ask them to require that those executives be disgorged from the undeserved compensation.