Wednesday, February 4, 2009

Obama unveils Salary cap

i've been happily enjoying each bit of news these days... what a nice change.

salary cap for execs of businesses who are in need of govt aid. bbc article.

President Obama said it was "shameful" that top bankers had awarded themselves giant bonuses last year.

Firms will also have to publicly disclose "all the perks and luxuries bestowed upon senior executives, and provide an explanation to taxpayers and to shareholders as to why these expenses are justified". "We're asking these firms to take responsibility, to recognize the nature of this crisis and their role in it," said the president.

"We all need to take responsibility," said President Obama.

"And this includes executives at major financial firms who turned to the American people, hat in hand, when they were in trouble, even as they paid themselves their customary lavish bonuses.

No comments: