Obama administration to issue executive pay limits

The Obama administration plans to limit pay to $500,000 a year for executives of government-assisted financial institutions in a new get-tough approach to bankers and Wall Street, a senior administration official said Tuesday.

Obama plans to announce the new limits with Treasury Secretary Timothy Geithner at the White House on Wednesday.

By Jim Kuhnhenn, Associated Press Writer

“If the taxpayers are helping you, then you’ve got certain responsibilities to not be living high on the hog,” President Barack Obama said in an interview with “NBC Nightly News“.

An administration official familiar with the new restrictions said the most restrictive limits would apply only to struggling large firms that receive “exceptional assistance” in the future. Healthy banks that receive government infusions of capital would have more leeway.

Read the rest:
http://news.yahoo.com/s/ap/20090204/
ap_on_go_co/bailout_executive_pay

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: