President Obama's executive 'pay cap'
05-02-2009
President Barack Obama has announced a US$500,000 limit on executive pay at US firms that need substantial government aid. The move follows widespread public anger over the levels of pay on Wall Street. President Obama said it was "shameful" that top bankers had awarded themselves giant bonuses last year. Mr Obama said if affected executives received any further bonuses, they would come in the form of stock that couldn't be paid up until taxpayers were paid back for their assistance. Firms will have to publicly disclose perks given to senior executives.
