By slashing the maximum remuneration payable to top executives to US$500,000, US President Baraak Obama has shown the way to battle in America’s most challenging economic crisis. The successful corporates were on a money laundering spree and this is evident from the take home pay of the CEO of the bankrupt Lehman Brothers which was a whooping US$256 million.
Indian business houses are second to none with Mukesh Ambani gifting a Rs.250 crore aircraft to his wife on her birthday and Anil Ambani gifting a luxury yacht to his wife worth Rs.400 crores. Politicians have also not lagged behind with people like UP chief minister Mayavati having a regular birthday bash spending crores of rupees, leave alone the generous privileges and perks enjoyed by the MPs who show least regard for parliament sessions.
Multinationals operating in India and other top Indian companies are also known for their lavish compensation package for senior executives. It is high time Prime Minister Manmohan Singh and his team take measures on the lines shown by the American President if we have to reduce the impact of this global economic crisis.
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