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Call it the maximum wage. President Barack Obama wants to impose a $500,000 pay cap on executives whose firms receive government financial rescue funds, a dramatic intervention into corporate governance in the midst of financial crisis.
The new restrictions, described by an administration official familiar with the new rules, are to be announced Wednesday morning at the White House. The steps set the stage for the administration’s unveiling next week of a new framework for spending the money that remains in the $700 billion financial rescue fund.
“If the taxpayers are helping you, then you’ve got certain responsibilities to not be living high on the hog,” President Barack Obama said Tuesday.
[Huffingtonpost.com] Obama to detail compensation limits on executives.
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