Larry Ribstein followed up yesterday's post about potential new SEC regulations of executive compensation disclosure with two new posts. In the first, he returns to his envy theme, which seems particularly apt in this context:

[T]he function of the executive pay disclosure system seems to be to give the envious the numbers necessary to help them quantify their resentment. To be sure, that might create more envy and resentment at the beginning. But then firms would reduce their pay to keep the resentment under control. Maybe this is only the first step. There is a system whose main intent is to reduce envy. It’s called Communism. It didn’t work, but hey, maybe the SEC is telling us it’s worth another try.

Take a look at the comments on this post, where Larry makes the point, "Resentment isn't pinko, but ..." (That's my version of a cliffhanger.)

In the second post, Larry laments the costs of the new regulations, both direct (compiling the information required under the new disclosure rules) and indirect (suggesting that the new rules have the "makings of a whole new subclass of securities jurisprudence").

Both worth reading.

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