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Dumb idea. There are executives out there that are worth what they're being paid. If you enforce an artificially low salary and ban bonuses these companies are going to wind up in even worse shape because the talent at the top will leave to go to companies that don't have the restrictions (be it non-bailed out firms, foreign firms with major US presence, etc.). An exodus of management isn't going to help anyone.
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"I put my mama on her, she threw her in the air. My mama said son, that's a mother buckin' mare."
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