Obama Executive Pay | Obama sets executive pay limits

February 4, 2009 by frankls
Filed under: Hot Topics 

$500,000 will be the limit on executive salaries at companies receiving tax dollars, President Obama said.Obama sets executive pay limits
Pledging to take "the air out of golden parachutes," President Obama announced Wednesday that executives of companies receiving federal bailout money will have their pay capped at $500,000 under a revised financial compensation plan.

Last year’s "shameful" handout of $18 billion in Wall Street bonuses "is exactly the kind of disregard for the costs and consequences of their actions that brought about this crisis: a culture of narrow self-interest and short-term gain at the expense of everything else," Obama said to reporters at the White House.
"For top executives to award themselves these kinds of compensation packages in the midst of this economic crisis isn’t just bad taste — it’s a bad strategy — and I will not tolerate it. We’re going to be demanding some restraint in exchange for federal aid — so that when firms seek new federal dollars, we won’t find them up to the same old tricks," the president added.

View original post here Obama sets executive pay limits – CNN.com


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