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Executive Pay and the Bailout
by
Sarah Anderson, Sam Pizzigati, Institute for Policy Studies | 02.05.2009
In recent weeks, two legislative initiatives have aimed to crack down on profiteering from the financial bailout. Both were prompted by evidence that the pay restrictions in the original bailout bill have proven largely toothless. Some of the recipients — most notably AIG, Morgan Stanley, and Goldman Sachs — have doled out sizeable bonuses to high-ranking staff since receiving billions in taxpayer support. Wall Street firms as a whole handed out more than $18 billion in bonuses last year. This memo analyzes both initiatives – Sen. Claire McCaskill’s proposal to set a fixed ceiling for all employees of bailed-out firms and Rep. Barney Frank’s broader reform of the original bailout legislation. February 3, 2009 |
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Comments
Just stop the bailout and let them go bankrupt
Submitted by Anonymous (not verified) on Thu, 02/05/2009 - 12:46pmOne thing we need is government sticking their noses in and dictating to private industry what they can and can't pay. More socialist bullshit from zero.
Yeah
Submitted by Rich Gardner on Thu, 02/05/2009 - 2:02pm'Cause private enterprise has done such a wonderful job of seeing to it that people live above the level of cavemen!
One of the problems that IPS addresses is that there's a moral hazard in allowing executives to make too much money. If an executive gains a fortune in a short time, why does it matter to him or her that the company goes bankrupt shortly after they leave?
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