Did Banker's pay add to financial crisis?

In a New York Times article Mark Hulbert carefully looks at the evidence for and against the argument that banker's pay added to the financial crisis. There are, however, other aspects that are relevant in the debate about executive compensation. There is also an ethical and moral dimension to the problem of executive pay. As we have stated before, the excesses start at the top. We believe that restraints on the compensation of chief executives would have a beneficial 'trickle down' effect that would moderate compensation further down the corporate hierarchy. In addition, if it is not clear whether top pay contributed to the financial meltdown it should also be difficult to prove the opposite: that high pay for senior executives was beneficial for the economy and the companies concerned. It so any compensation above what can be considered reasonable was a waste of shareholder's money.