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    I find myself sort of agreeing with Barry, in so far as it is down to the share holders and non-exec directors to determine pay of the executive directors; it really is not for the state to interfere.

    There is of course a moral and ethical dimension to all of this, but then again we are talking about capitalism so maybe there isnt...

    The real problem as I see it is the whole concept of "limited liability" (1844 Joint Stock Company Act introduced it in the UK) which creates the ability for companies to fail the directors to walk away from the debt and start up again without an apparent care about the possible economic devastation they leave in their wake. Whilst the removal of this would of course have damped down economic activity it would also have avoided lots of trouble as directors and shareholders would have been much more careful.

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