Obama Gets Serious about Restricting Executive Pay for Bailout Recipients


obama-sunglasses-21It’s like we’re in some other country that doesn’t always bow and cater to the whims of the executive elite.  Finally some common sense back in the White House.

“If the taxpayers are helping you, then you’ve got certain responsibilities to not be living high on the hog,” President Barack Obama said in an interview Tuesday with “NBC Nightly News”.

The president and members of Congress are weighing various proposals to restrict chief executives’ compensation as one of the conditions of receiving help under the $700 billion financial bailout fund.

Top officials at companies that have received money from the government’s Troubled Asset Relief Program already face some pay limits. But elected officials want to place more caps, a sentiment reinforced in recent days by revelations that Wall Street firms paid more than $18 billion in bonuses in the midst of the economic downturn in 2008.

“I do know this: We can’t just say, ‘Please, please,'” said Sen. Claire McCaskill, D-Mo., who has proposed that no employee of an institution that receives money under the $700 billion federal bailout can receive more than $400,000 in total compensation until it pays the money back.

The figure is equivalent to the salary of the president of the United States.

Of course the Republicans are up in arms claiming these sorts of restrictions wreak of “nationalized businesses”.  No, it’s the $700 billion that taxpayers are being forced to give them that makes it seem like a nationalized business.  The only difference is, this it seems that there is actually somoene in power who will look after that money and make sure that it’s used to actually rebuild and support those businesses rather than fattening the wallets of their executives.

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