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Sen. Claire McCaskill has come up with a novel way to cut compensation on Wall Street. The government should force a cap on the salary of every employee at firms that take TARP money. The upper limit would be $400,000. Not just the CEOs and top managers -- everyone. That would include the most elite bankers and traders who often make their firms hundreds of millions of dollars.
If the plan goes through, and that is a big if, it could measurably improve profit margins at big investment banks like Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS). It could also force a lot of the best talent out the door.
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