How would like to be sitting in your law office in Washington DC mulling over just how much to pay the CEO of Citibank?  Or GM?  Or GMAC?  Not us.  It’s a surreal picture.  And not just because it stands so much in contrast with how these decisions used to be made (granted, with a bit of a smoke-filled room flavor to it).  It has the feel to it, we hate to say, of a centrally planned economy.  We know that’s not how, in practice, these compensation decisions will be made.  More of a consultation (which will include reputational implications for these organizations) than handing down a dictate.  But the very notion of the CEO of Citi sitting in his office on Park Avenue waiting to hear the final decision on what he’ll be making in 2010 just doesn’t feel like capitalism, even a reformed version post financial meltdown.

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