The NYT told readers that GM may have trouble getting a new CEO because of the limits the government has imposed on CEO compensation. It would have been worth mentioning that the CEO of Toyota and other successful auto manufacturers work for pay that would likely confirm to the government limits.
This suggests that CEOs in the United States have simply priced themselves out of the market. The obvious solution would be to outsource top management, as was done with Chrysler.
Same goes for the banks themselves. At some point we may tire of claims that huge bank bonuses during the Great Recession they caused are necessary because you can't get a trader to exert his god-like powers for less than 500x the median annual wage. We'd then ask that all trading be sent to back offices in Banglore and Ho Chi Minh City, just down the road from where the banks got industry to send US and UK manufacturing jobs years ago.
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