From today's NY Times:
“When you look at cases where compensation of senior management was out of line, or where people arguably were overpaid, it’s definitely the fault of the compensation committee of the board,” says Thomas Cooley, dean of the Stern School of Business at New York University and a director of Thornburg Mortgage. “Congress has gotten into the business of dictating executive pay now, and they shouldn’t be in that business. What they should be doing is turning the light on the committees.”
I've been a keen observer and honestly thought this was going to go in a different direction. I thought that boards everywhere would be stepping up their game and atoning for the lax oversight and rubber stamping that had been going on.
It's bad for business to have government involved in compensation, obviously.