House Passes Bill to Curb Executive Bonuses
source: http://thecaucus.blogs.nytimes.com/2009/04/01/houses-passes-new-bill-to-curb-executive-bonus...
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The House on Wednesday approved yet another bill to restrict bonuses and compensation at financial firms that have received government bailout money, as Democrats muscled the legislation past angry Republican opposition.
The vote was 247 to 171, with 237 Democrats and 10 Republicans in favor.
Congress has been wrestling with the issue of limiting bonuses ever since a huge public outcry last month over $165 million in payouts made by American International Group, the insurance firm, which has received about $200 billion in bailout funds.
The bill adopted by the House on Wednesday would bar firms that received a capital infusion from the federal government from paying any bonus or other compensationthat is “unreasonable or excessive” as defined by the Treasury, until their bailout money had been reimbursed to the government.
The firms would also be barred from paying any bonus that was not “directly based on performance-based measures.”
A spokesman for the Senate majority leader, Harry Reid of Nevada, said Senate Democrats would “study” the House legislation along with other proposals and would decide how to proceed “over the next few weeks.”
End of Excerpt
Source: The New York Times
Do you think the government has the right to limit bonuses in companies that have received bailout money?
The vote was 247 to 171, with 237 Democrats and 10 Republicans in favor.
Congress has been wrestling with the issue of limiting bonuses ever since a huge public outcry last month over $165 million in payouts made by American International Group, the insurance firm, which has received about $200 billion in bailout funds.
The bill adopted by the House on Wednesday would bar firms that received a capital infusion from the federal government from paying any bonus or other compensationthat is “unreasonable or excessive” as defined by the Treasury, until their bailout money had been reimbursed to the government.
The firms would also be barred from paying any bonus that was not “directly based on performance-based measures.”
A spokesman for the Senate majority leader, Harry Reid of Nevada, said Senate Democrats would “study” the House legislation along with other proposals and would decide how to proceed “over the next few weeks.”
End of Excerpt
Source: The New York Times
Do you think the government has the right to limit bonuses in companies that have received bailout money?
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jh64487
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yea...if they weren't already making more than 100 time what the avg worker makes I might find this upsetting.
but that's not the case in america. the real question is why are they getting ANY bonuses when they're salary is already ridiculous.
- 3 years ago
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jh64487
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kennymotown
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This is good agent 89! Just kidding I'm totally serious about the bill though. We have a minimum wage law why the hell don't we have a maximum wage law. There is only one pie why do certain people think they have the right to more of the pie than the rest of us.
- 3 years ago
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kennymotown
