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.