Wall Street Journal columnist James Stewart adds his name to those calling for governments to get together and set pay policies: "a coordinated global initiative is needed to curb excesses and deter the reckless risk-taking that got us here." Instead of allowing competition and experimentation, this "coordinated global initiative" would impose the same rules everywhere. When I noted that Senator Schumer was importing British-style regulation of the volume of television commercials, a reader commenter said it was "cute fear-mongering" about "importing EU law." But do we really want Brussels bureaucrats setting pay on Wall Street? That's more or less what a "coordinated global initiative" would mean.
A Call For Global Price-Fixing on Pay