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President Barack Obama Announces Limit on Executive Pay for Firms Receiving Government Money
President
Barack Obama, responding to recent news concerning exorbitant salaries and
bonuses for Wall Street executives, has announced there will be a $500,000 limit
on what firms can pay their top employees if those firms are receiving
government aid.
Public
outrage was quick to surface after it was discovered several executives from
struggling Wall Street firms had awarded themselves large bonuses despite
applying for government funding. Obama quickly pointed out that taxpayers shout
not be “subsidizing excessive compensation” and called the bonuses “shameful.”
Along
with capping the salary of executives Obama said any bonuses afforded those
executives would come in the form of stock and could not be sold “until
taxpayers are paid back for their assistance.”
Obama
also called for full disclosure for “all the perks and luxuries bestowed upon
senior executives.”
There
are many who fear that Obama’s latest move would lead to executives leaving
firms who have received government aid for other companies.
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