Caps on Executive Pay to Bailout Recipients "Not Draconian"

A $500,000 cap on pay to executives of companies receiving bailout money is "draconian", according to James F. Reda, quoted in the New York Times article linked above. That's very funny. Mr. Reda is not living in the real world. We're talking about giving these companies the tax money of people who mostly make a tiny fraction of that very comfortable salary, so that the companies can pay that salary. If the company can afford to pay tens of millions of dollars to their CEO's, then it's their business, but they don't need OUR bailout money. Incidentally, to reiterate some of my previous posts, bailout money should only go indirectly to corporations, so the money can do more good. For example, the financial bailout could have directly made payments on mortgages, which would have saved homes at the same time that the money ends up with the banks. The auto bailout could instead have been a tax incentive to buy American (and preferably ecological) cars, etc. Instead, we're just giving them the money, and what do they do? Horde it for themselves, and then expect to keep paying their CEO's ridiculously huge salaries.