Obama announces limits on executive pay

By David Edwards
Wednesday, February 4, 2009 11:44 EDT
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President Obama announced that he was imposing a limit on the pay of some senior executives who work for firms receiving bailout money. “What gets people upset — and rightfully so — are executives being rewarded for failure,” said the president.

Senior executive will have their salaries limited to $500,000. Those executive will be able to receive stock as additional compensation but couldn’t sell that stock until federal loans were paid.

This video is from CNN.com, broadcast Feb. 4, 2009.

Download video via RawReplay.com

David Edwards
David Edwards
David Edwards has served as an editor at Raw Story since 2006. His work can also be found at Crooks & Liars, and he's also been published at The BRAD BLOG. He came to Raw Story after working as a network manager for the state of North Carolina and as as engineer developing enterprise resource planning software. Follow him on Twitter at @DavidEdwards.
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