One of the major sticking points of the inevitable Wall Street bailout was executive pay — but the New York Times says that Treasury Secretary and former CEO of Goldman Sachs, Henry M. Paulson Jr., has agreed to compensation caps for the executives of firms that benefit from the bailout.
Republican officials said Treasury Secretary Henry M. Paulson Jr. had agreed to demands from lawmakers in both parties to limit the pay of executives whose companies benefit from the bailout. The enormous pay packages of some Wall Street executives, coupled with the realization among nonwealthy Americans that the crisis could affect their financial foundations, have created an incendiary issue on Capitol Hill.
That’s a good term! It’s inclusive and condescending at the same time. “Nonwealthy Americans.” I’m a “Nonwealthy American,” how about you?
Paulson Said to Give Way on C.E.O. Pay; Bush to Speak [NYT]
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the people in charge of these companies that need to be bailed out – shouldn’t get huge paycheques – they are the reason these companies need to be bailed out
It’s all window dressing… even the most lavish bonus won’t amount but to a tiny percentage of the $700 billion. It’s just designed to placate the average citizen.
The real injustice is the $700,000,000,000. It’s inconceivable. I grieve for what this country has become these last eight years.
it’s a joke– cash will go down, but stock options are going to sky rocket; they’ll earn as much now as before.