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Assailing out-of-touch corporate pay and perks, President Barack Obama on Wednesday slammed a salary cap on top executives from companies that want bailouts — but it's a limit that could end up thinning the wallets of only a small number of people.
Obama's action comes as many Americans, while hanging on for economic life, have watched Wall Street high-flyers receive big-dollar bonuses even as their firms draw public help for survival. The outcry has grown with each report of a bailed-out company that plans to buy a jet or hold a Las Vegas retreat.
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/02/03/national/w143727S80.DTL
Obama's action comes as many Americans, while hanging on for economic life, have watched Wall Street high-flyers receive big-dollar bonuses even as their firms draw public help for survival. The outcry has grown with each report of a bailed-out company that plans to buy a jet or hold a Las Vegas retreat.
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/02/03/national/w143727S80.DTL
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What's more, consultants on executive pay say the cap will probably apply only to a few executives — not big-time traders, brokers and salespeople who routinely earn whopping pay packages. And there are sure to be efforts to exploit loopholes as the new rules start to take hold.
- 3 years ago
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