Need for accountability

It is about time someone started to monitor the enormous sums of government money that lawmakers have been so quick to hand out to failing Wall Street firms. And when President Barack Obama announced this week that he was working to cap the pay of executives at companies receiving bailout money, we saw this as a first step in the right direction.When an executive like Merrill Lynch CEO John Thain can spend over a million dollars of company money to redecorate his office, including purchasing a $35,000 “commode on legs” and a $1,400 “parchment waste can,” something has to be done.While critics argue that capping executive pay at $500,000 will make it hard for companies to recruit and retain top talent, we question how companies got into their current situation under such “high-quality” management.It is time that these executives’ compensation better reflects their accomplishments – or, painfully frequently, lack thereof. We applaud Obama and his staff and hope that this is just the beginning of a movement of accountability across the board.