Obama Orders $500,000 Limit on Executive PaySubmitted by Michael Nystrom on Wed, 02/04/2009 - 01:24
Ugh. Goodbye free market.
Feb. 3 (Bloomberg) -- President Barack Obama will announce tomorrow that he’s imposing a cap of $500,000 on the compensation of top executives at companies that receive federal rescue funds, an administration official said.
Any additional compensation will be in restricted stock that won’t vest until taxpayers have been paid back, said the official, who requested anonymity.
The unprecedented steps -- which also include restrictions on corporate jets, office renovations and holiday parties -- come amid an outcry over an $18.4 billion bonus payout in 2008 to executives. The protests have been building since October when Congress passed a $700 billion financial-rescue plan.
How long until he requires all of us to wear Mao suits?