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By Charles Calomiris

Published: October 27 2009 22:32 | Last updated: October 27 2009 22:32

The Obama administration has finally crossed the executive-pay Rubicon and declared war on Wall Street. A few months ago, President Barack Obama sent mixed signals, initially blasting groups such as AIG that were receiving government aid for paying large bonuses, and later pointing out the need for productive people at these companies to be paid competitive salaries and bonuses, since they could leave for brighter pastures. This, he argued, would not be in the interest of the assisted institutions, the economy or the companies'...