The way I read it, the Obama administration is indeed cracking down on executive pay, but only on the companies or banks that have received TARP money. Those folks can only receive a bonus of up to one-third of their salaries.

But for the rest of the public corporations, the administration is planning to introduce a bill allowing a non-binding shareholder vote on compensation.

So, there’s not much there, is there? Nonbinding votes, saying please don’t hand out millions in bonuses, sent to compensation committees that hand out millions in bonuses?

I don’t think this pay debate will ever go anywhere. Big bonuses will go on.

What do you think?