Executive's Pay to Be Capped for Bailout Money

[dollardaze]

President Obama said that the executives on Wall Street showed "the height of irresponsibility" with their actions to pay themselves lavish bonuses, while asking the taxpayers to bail them out. He's putting a salary cap of $500,000 for the top execs that receive the largest amounts of bailout money.

The President said:

“The economic crisis we face is unlike any we’ve seen in our lifetime. It’s a crisis of falling confidence and rising debt, of widely distributed risk and narrowly concentrated reward.
A failure to act, and act now, will turn crisis into catastrophe and guarantee a longer recession, a less robust recovery and a more uncertain future.
No plan is perfect, and we should work to make it stronger. But let’s not make the perfect the enemy of the essential.

[pennypinch]

Thats good news. Actually, I think even that much is too much. Let them live on the money the rest of us do and then maybe they will see the error of their ways. I don't feel a bit sorry for any of them.