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Executive Pay Limits May Prove Toothless as Loophole in Bailout Provision Leaves Enforcement in Doubt
The Washington Post; subscription may be required Dec. 15, 2008
Excerpt: Congress wanted to guarantee that the $700 billion financial bailout would limit the eye-popping pay of Wall Street executives, so lawmakers included a mechanism for reviewing executive compensation and penalizing firms that break the rules. But at the last minute, the Bush administration insisted on a one-sentence change to the provision, congressional aides said. The change stipulated that the penalty would apply only to firms that received bailout funds by selling troubled assets to the government in an auction, which was the way the Treasury Department had said it planned to use the money.
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