Obama Exec Pay Plan Gets Congressional Grilling

Law360, New York (June 5, 2009, 12:00 AM EDT) -- Representatives of the U.S. Department of the Treasury, the U.S. Securities and Exchange Commission, and the Federal Reserve headed to Capitol Hill on Thursday to defend the Treasury Department's plan, announced Wednesday, to oversee executive pay at the seven companies that received the largest amounts of government bailout money.

Gene Spurling, the counselor to Treasury Secretary Timothy Geithner, told the House Financial Services Committee that the Obama administration had no desire to cap executive pay, but merely to monitor the way compensation structures contribute to excessive...
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