Today, a number of newspapers including Reuters, the New York Times and the Wall Street Journal covered an announcement by the Obama administration that it will limit executive compensation at companies that receive "significant" assistance from the government.
The New York Times reports on the front page:
"rules to be announced by the Treasury Department Wednesday, executives would also be prohibited from receiving any bonuses above their base pay, except for normal stock dividends." But, "Crucial details remained unclear on Tuesday night, including whether the restrictions would apply to all companies that receive money under...TARP, or whether they would apply only to the 'exceptional' companies that were being rescued from collapse." Five of the "biggest companies to get help -- Citigroup, Bank of America, the American International Group, General Motors and Chrysler -- are all facing acute problems. And top executives at those companies made far more than $500,000 in recent years."
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