Missing the Point on Executive Pay
Typically, the Congress has brought together a hanging-posse, stirred irrational emotion to a fever-pitch and galloped off in a cloud of dust after the wrong bandit. _____________________________________________________ Congress Trumps Obama by Cuffing Bonuses for CEOs By Tomoeh Murakami Tse Washington Post Staff Writer Saturday, February 14, 2009; A01 The stimulus package Congress passed last night imposes new limits on executive compensation that could significantly curb multimillion dollar pay packages on Wall Street and goes much further than restrictions proposed by the Obama administration last week. The bill, which President Obama is expected to sign into law next week, limits bonuses for executives at all financial institutions receiving government funds to no more than a third of their annual compensation.
The bonuses must be paid in company stock that can be redeemed only when the government investment has been repaid. With the measure, lawmakers seek to address public outrag…