It could be chalked up to lawyer’s revenge, given how the Titans of Finance dwarfed even the most Dreier-ish lawyers in their overt show of fabulous wealth.  After all, the new measure of propriety amongst the rich is decided by the merely comfortable lawyers of Ward Three. 

Yes, it was a struggle to hold your chin up at a charity cocktail party when you didn’t fly in on your own Lear jet.  The blow to dignity was painful when you’re struggling to pay the Exeter tuition while the others discuss proper jib size for varying winds.  But all bets are off as they tighten their alligator belts.

President Obama wants to cap executive salaries at $500,000 for companies who take a bail out. 

“We don’t disparage wealth. We don’t begrudge anybody for achieving success. And we believe that success should be rewarded,” Obama said. “But what gets people upset — and rightfully so — are executives being rewarded for failure, especially when those rewards are subsidized by U.S. taxpayers.”

As one wag said, that’s not a salary; that’s a rounding error. Haha.  The old attitude of greed and selfishness.  That was so last year.  Frugality and modesty are the new black.

Some respond that they aren’t using bailout money for executive salaries.  They’re using their “other money.”  Incredible as it may seem, some people find this argument compelling.  I think it’s utterly brilliant.

Others respond that they need to pay executives far, far more to retain them.  Because there is a huge market for executives who have driven their companies into effective bankruptcy and demand deca-million dollar compensation?  If someone has a list of all the highly profitable companies who can’t seem to find a CEO and are awaiting a failed executive to jump ship, please feel free to post it. 

Oddly, it’s all a tempest in a teapot.  It’s not like these poor souls will struggle after their $18 billion bonuses from fiscal 2008.  They probably socked a few spare dollars away for a rainy day.  And it’s not like this cap will actually put the kibosh on the more imaginative corporate compensation packages, with details like stock options and deferred compensation, loans and a few of the necessary perks of Executivehood.  After all, who’s going to provide Daschle with a spare limo if a corporate executive doesn’t have enough for his own use?

If the ostentatious show of wealth was a badge of honor before, the threadbare suit will be the indicia of fiscally-sensitive importance over the next few years.  My bet is that Versace will make threadbare suits in a variety of colors, and executives will somehow find a way to buy them.