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Thursday, February 05, 2009

Obama Cap Top Executives Pay for Companies Receiving Federal Aid

I just cannot but applaud U.S. President Obama for his move in capping pay of top executives who are federal aid.

"For top executives to award themselves these kinds of compensation packages in the midst of this economic crisis is not only in bad taste it's a bad strategy and I will not tolerate it as President. We're going to be demanding some restraint in exchange for federal aid so that when firms seek new federal dollars, we won't find them up to the same old tricks. Top executives at firms receiving extraordinary help from US taxpayers will have their compensation capped at USD 500,000 a fraction of the salaries that have been reported recently."

Obama announces compensation caps for top executives [via]

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