Pay Cut Sacrelige! - William McDonough, the president of the Federal Reserve Bank yesterday called on corporations to cut executive pay, referring to executive salaries as "excessive."

"Sadly, all too many members of the inner circle of the business elite participated in the over-expansion of executive compensation," which turned out to be "terribly bad social policy and perhaps even bad morals," McDonough said.

I applaud him for a statement which probably will not be received well. At best, many companies will nod their heads and quickly ignore this. Executive pay does not benefit conumers and neither does it benefit stockholders.