Who's to blame for overpaid executives?

Compensation committees are to blame. They are usually made up of a few board members who oversee incentive plans, top salaries, and bonuses.

The CEOs get to pick who's on their boards, and who is on the compensation committees. Isn't that awesome, it's almost like stealing candy from a baby. Obviously whoever they pick is going to be someone that doesn't hate them.

Shareholders are also responsible. They approve the pay plans and also re-elect the directors.

One great thing about the stimulus package is that companies receiving bailout money are limited to how much compensation can be paid. Part of the plan also gives unlimited restricted stock options but until the government gets paid back those options will not vest.

One thing I thought that was neat this last week was, that I read Jeffrey Inmelt the chief executive of GE is turning down his bonus for 2008. What he gave up was an 11.7 million dollar long term performance award. He still got a 3.3 million dollar salary along with $2 million in equity awards though. It's not like he is going to be poor but at least it shows that some of these executives are realizing that some of these bonuses are unnecessary in times when companies are not delivering solid returns.

If I don't do my job at work, I don't get paid. At least these executives still get paid. So I don't feel bad for those executives at all if they were to lose their bonuses in hard times when their companies are not making solid returns.

Michael Phelps' bong drama

What did Michael Phelps do that was so wrong? Last I checked he was 23 years old. I don't think it is that uncommon for most people that age or around that age to try new things. Some cases may be more severe than others but smoking pot or taking a hit from a bong isn't one of them. I don't understand how people can say he ruined everything by acting like a 23-year-old.

Leon Lott, the sheriff in South Carolina were Phelps was photographed smoking pot is thinking about bringing charges against Michael Phelps. Lott is a character himself. I feel the effort that is going in to making a case against Phelps, is more of a crime itself. The sheriff doesn't want to treat him any differently because he is a celebrity. What does he think he is doing by all of the search warrants and arrests that he is making over a simple picture of someone smoking pot from a bong?

Under South Carolina law, possession of one ounce or less of marijuana is a misdemeanor that carries a fine up to $200 and 30 days in jail for the first offense. Possession of drug paraphernalia is a $500 fine. So just charge him and get it over with.

The world has other things to worry about that are way more important. Move on Leon.