Obama Caps Pay For TARP Execs At $500K

Law360, New York (February 4, 2009, 12:00 AM EST) -- President Obama followed up on his comments last week — that banks receiving federal assistance paying billions of dollars in bonuses was the “height of irresponsibility” and “shameful” — by announcing Wednesday stricter executive compensation rules for financial institutions that benefit from government aid.

Under the president's plan, senior executives at companies receiving the largest shares of the Troubled Assets Relief Program will have their pay capped at $500,000. Any of the financial institutions that fall under Obama's formulation and pay their senior executives more than...
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