"As to persons to be employed in the collection of the revenues, it is unquestionably true that these will form a very considerable addition to the number of federal officers; but it will not follow that this will occasion an increase of public expense. It will be in most cases nothing more than an exchange of State for national officers. In the collection of all duties, for instance, the persons employed will be wholly of the latter description. The states individually will stand in no need of any for this purpose."
- Federalist Paper No. 84
JP Morgan board cuts CEO's pay It's a signal that they're punishing him for a big trading loss last year. Boards are altogether too often so much in bed with upper management that it's uncommon to see something like this happen. Perhaps it should more often.