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Executive pay limit to be $500,000

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As Chris posted below, Obama is going to propose a cap on executive pay for any entity that takes government aid. The New York Times reports the limit is $500,000:

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.

Executives would also be prohibited from receiving any bonuses above their base pay, except for normal stock dividends.
The cap isn't retroactive so it won't affect the companies that already got the money. But, it looks like many of them will be coming back to the trough:
Executives at companies that have already received money from the Treasury Department would not have to make any changes. But analysts and administration officials are bracing for a huge wave of new losses, largely because of the deepening recession, and many companies that have already received federal money may well be coming back.
This pay cap is a very good move. But, it has to be tough and across the board for every corporation that takes federal money. No loopholes or special exceptions. These corporate clowns have ruined our economy and made billions doing it. Their boards of directors didn't hold them accountable. But, if they want my tax dollars, there have to be limits. I bet most Americans could live very well on $500,000/year.

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