"Pay for top corporate executives is 'out of control,' but that's is a matter for investors and not his office, New York Attorney General Eliot Spitzer said Monday night.
'Shareholders have to step up to the plate,' Spitzer said at the annual meeting of the Society of American Business Editors and Writers in Seattle."
Of course, there isn't a chance in Hell there will be any shareholder revolts. The majority of people who care about CEO pay (that continues to explode while profits sink and ethics dissolve) have little say in the matter.
Those with the most power to pressure for change are the institutions, such as mutual funds, pension funds, etc. And those folks are part of the problem. (See Coingate.)
I love Spitzer's work in bringing down as much corruption as he can while he's AG, and CEO pay is a huge problem (think of the economic boost we could get by distributing a few billion of excess CEO pay to the grunts who actually produce profits.) However, the answer to this problem isn't AGs or shareholders. I don't what the answer is, unfortunately; shame doesn't work on conservatives.
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