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That's pretty much right
In the case of the banks, at least a portion of that problem was to much government interference. The story is a bit different with the health insurance industry. That's not to say their all bad chaps. Certainly not. But when you have over a 1,000 setting policy, it's hard to manage an industry like that, very hard.
On the pay thing, the government doesn't have a legitimate interest to be involved in such matters round-table. Their might be some exceptions to that rule, but for the most part, that's for private industry to structure and compliment. The President should not have a say in that when the Board of Directors, shareholders and owners of any business can do it.
The government also has other options available to them. They can sell their interest in them. Maybe even restructure, sell or spin off stuff, and where there's a remedy to toss an executive by lawful means, they can do that to. Even replacing the board of directors in corporations if they have enough votes.
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