Are the banker compensation battles over? It may seem that way. TARP restrictions have passed. The Fed has weighed in. The Treasury's czar on executive pay has moved on. Shareholders may still be looking to pick a few battles, but we'll have to wait and see. All in all, it doesn't loom as the big, populist issue it did a year or two ago. Dodd-Frank addresses this as well though exact rules have yet to be set. A recent commentary in the New York Times suggests some arguments from the industry in support of potentially higher pay:

• "We already ended 'Too Big to Fail.' "
• "This would weaken us relative to our global competitors."
• "This represents an inappropriate extension of government into private business decisions."
• Hiring disadvantages, as top executives seek employment outside the industry.

Some might feel that these arguments will carry more weight in the new House, but who really knows.

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