Wall Street executive party comes to a close, executive pay to be capped

February 4, 2009 – 12:52 am – No Comment

In an attempt to regulate those companies receiving bailout “TARP” funds, the Obama administration will announce a plan to cap executive pay to $500,000 a year for those companies that have received government assistance.

Obama had this to say on NBC’s Nightly News “If the taxpayers are helping you, then you’ve got certain responsibilities to not be living high on the hog.”

There should definitely be a cap on what the executives are making. As long as they continue getting money from taxpayers, the government should have a (sometimes large) say so in how the business is run…considering how many of the companies were almost run into the ground anyway.

I also hope that this puts an end to all the stories about executive compensation packages. Everyone is outraged at the amount of money being thrown at them for sub-par work. You’d think that the companies would get it by now, but I suppose old habits are hard to break…