By GottaLaff
At the risk of repeating myself... Change:
The Obama administration is expected to impose a cap of $500,000 for top executives at companies that receive large amounts of bailout money, according to people familiar with the plan.President Obama and Treasury Secretary Timothy F. Geithner will announce the executive compensation plan on Wednesday at 11 a.m.
Executives would also be prohibited from receiving any bonuses above their base pay, except for normal stock dividends.
The new rules would be far tougher than any restrictions imposed during the Bush administration, and they could force executives in the months ahead to accept deep reductions in their current pay. The proposed cap comes amid rising public fury about huge pay packages for executives at financial companies being propped up by federal tax dollars. [...]
Crucial details remained unclear on Tuesday night, including whether the restrictions would apply to all companies that receive money under the so-called Troubled Asset Relief Program, or TARP, or whether they would apply only to the “exceptional” companies that were being rescued from collapse.
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