As the Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) saga continues to unfold and taxpayers realize that any government bailout could be $30 million less if their CEOs weren't grossly overpaid for driving the companies into the ground, a legislator wants to condition any possible intervention on salary controls.

Pennsylvania Democrat Bob Casey said such large pay combined with poor management makes it fair to "question the prudence" of any government assistance to Fannie and Freddie, but if assistance is offered it would be only if executive compensation is capped "at reasonable levels."

Regardless of where one stands on the executive compensation debate, legislative intervention is unarguably fair if tax money is going to be used to effectively rescue pseudo-private companies and their shareholders.