Yves Smith at the Naked Capitalism blog responds to the administrations sweeping (less targeted) executive pay proposals.

"The House proposal, remember, confiscates bonus income (including, potentially, non-cash bonuses!) for everyone making over $250,000. It would only impact a handful of companies in particular, but the total number of affected employees would run well into the thousands.

Contrast that with Obama's nascent plan, which, according to the NYT, affects executive pay. "Executive" tends to be code for the top guys listed in the proxy: CEO, CFO, General Counsel, COO, those types. To placate House members who want more sweeping restrictions, the administration says it would regulate "all financials" and possibly other publicly-traded companies---not just those receiving the biggest bailouts.

The House's version is superior for two reasons: It hits the right companies and is appropriately draconian."