President Obama has set executive pay limits for bailout companies. Sounds good, doesn't it taxpayers? That is what the perception one would have had by listening and reading the news yesterday. However, perception is not always reality. Bloomberg reports, "Executives at Goldman Sachs Group Inc., JPMorgan Chase & Co. and hundreds of financial institutions receiving federal aid aren’t likely to be affected by pay restrictions announced yesterday by President Obama.
The rules will apply only to top executives at companies that need “exceptional” assistance in the future. The limits aren’t retroactive, meaning firms that have already taken government money won’t be subject to the restrictions unless they have to come back for more."
In other words, these new compensation rules will not have much effect at all!!!
1 comment:
l wonder, do they think Americans are stupid? If they set limits on financial assistance this CEOs, it should be valid for all companies whether they received money before this rule or not. How much value does taxpayers' money has it their eyes? None!... Yet many of us are rejoicing about the "change" in our government. Is this the change we were waiting for? l don't think so.
Wake up America!
Post a Comment