Arrayed around a long mahogany table in the White House state dining room last week, the CEOs of the most powerful financial institutions in the world offered several explanations for paying high salaries to their employees -- and, by extension, to themselves.

"These are complicated companies," one CEO said. Offered another: "We're competing for talent on an international market."

But President Barack Obama wasn't in a mood to hear them out. He stopped the conversation and offered a blunt reminder of the public's reaction to such explanations. "Be careful how you make those statements, gentlemen. The public isn't buying that."

"My administration," the president added, "is the only thing between you and the pitchforks."

Hat tip naked capitalism

"Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet