Here's a piece from the WSJ on the latest intervention into the market for executive compensation:
…[The] government disclosed that it had set limits on executive pay for 2008 at state-owned financial companies, the latest effort to address public concern over pay at companies controlled by the country's nominally socialist government.
Total compensation for last year was capped at 90% of the amount executives received in 2007, the Ministry of Finance said in a brief statement. For companies whose revenue fell last year, the limit was set at 80%, it said. The statement, issued late Thursday, said the new rule had been issued "recently," but didn't elaborate. A ministry spokesman declined to comment Friday.
Need I tell you that the story is about the communist party and China? Sadly, I think I do need.
Hat tip to Helen Yang.