It's easy to save the world when you've already taken care of yourself. But, we rely on these mavericks -- the wealthy who realize they can make a difference -- to do what we cannot on our own. So, it comes as a relief that Bill Gates, founder of Microsoft (MSFT) believes executive compensation is still too high.

It's a murky topic, and some forms of regulation, Gates believes, won't help. In a discussion on philanthropy at the 92nd Street Y in Manhattan, where many of the people Gates criticized send their kids for early education, the former CEO and still rich guy cites the $1 million executive salary cap required by law in 1993 as a big mistake. While compensation has to be controlled, he believes this measure backfired and thinks that other, similar efforts are doomed to fail now.

The G-20 is meeting again, this time in Pittsburgh, and as is so often the case when the world's industrial powers gather, the operative phrase is 'lower your expectations.'

What can investors look for? Well, one thing investors should not look for is any G-20 type of action on banker compensation/bonuses, other than a call for each nation, 'to do more to ensure that constructive incentives are in place' to prevent a repeat of the lending practices/perverse incentives that helped trigger the global financial crisis. There is support for compensation caps in Europe (except Germany); however, the United States and United Kingdom oppose them, so the issue is a non-starter.

President Obama announced that he wants to impose compensation limits on executives that receive government financial rescue funds. These proposals are said to include the following provisions:

• A $500,000 cash cap on annual compensation for senior executives
• Requiring top executives at financial institutions to hold stock for several years before they cash out
• Requiring nonbinding "say on pay" resolutions giving shareholders more say on compensation

These provisions would only apply to firms receiving government funds and would be applicable until they are repaid to the government.

This is a dramatic intervention into corporate governance, but then again the government bailouts are also unprecedented as well. Several are claiming that this is another step into more socialist America.