The Obama administration has imposed a pay cap of US$500,000 for top executives at companies that receive the government bailout money to weather the current financial crisis. The new rule came out amid rising public fury about huge pay packages for executives at financial companies being propped up by federal tax dollars. "What gets people upset, and rightfully so, are executives being rewarded for failure. Especially when those rewards are subsidized by US taxpayers," said Obama. Under the new rules, expected to be adopted shortly, executives at large banks receiving so-called "exceptional assistance" and other financial institutions applying for capital are having their salaries limited to $500,000.
Most immediately affected are the CEOs of American International Group Inc (AIG), Bank of America and Citibank led by its Indian-American chief executive Vikram Pandit.
Do you support Obama to limit fat cat execs pay?
Do you think these CEOs can possibly live on only $500k/year?
Whether new restrictions violates the natural order?
Most immediately affected are the CEOs of American International Group Inc (AIG), Bank of America and Citibank led by its Indian-American chief executive Vikram Pandit.
Do you support Obama to limit fat cat execs pay?
Do you think these CEOs can possibly live on only $500k/year?
Whether new restrictions violates the natural order?