EU 'Very Much Welcomes' US-Style Cap On Bank Pay

Law360, New York (February 6, 2009, 12:00 AM EST) -- President Obama's plan to limit salaries of executives at bailed-out U.S. banks to $500,000 has attracted attention across the Atlantic, with a European Commission spokesman reportedly saying Friday that pay caps are an appealing way to help ensure state aid to banks is repaid.

“The commission very much welcomes this kind of limit of the pay and bonuses of executives, which constitutes an additional incentive for them to repay the state bailout money,” spokesman Jonathan Todd said at a regular press conference in Brussels, Belgium, according...
To view the full article, register now.