Obama Orders Executive Pay Limit
President Barack Obama ordered companies which received Federal bailout package to implement salary cap of $500,000 for executives, saying this move is not only fair, but “basic common sense”.
Just recently, the government passed stimulus package worth $700 billion to help companies and businesses struggling from the economic recession.
President Barack Obama ordered bailout-recipient companies on Wednesday the implementation of salary cap of $500,000 for executives, saying this move is not only fair, but “basic common sense.”
Obama said in his speech that the executive pay limits of companies which are allocated with “exceptional assistance” are stricter than more stable businesses.
Earlier, the stimulus package proposed by the President was given to struggling companies and businesses reeling from the impact of economic recession. In effort to boost the economy, the government released $700,000 billion bailout plan and injected this to the ailing industries.
The President reiterated that “everyone must take responsibility” adding that executive pay limit is an expression of fairness. During his statement, he again criticized the Wall Street executives who have been “irresponsible”, saying that their attitude caused millions of Americans to shoulder the financial burden following Wall Street’s failure.
Obama added that the general sentiment of struggling Americans felt they are bearing the burden while wealthy people are more often than not spared from the financial crisis.
Meanwhile, Obama said the salary cap does not cover restricted stock.
The President also urged the Congress’s to support his second propose economic stimulus which is predicted to reach as high as $1 trillion.
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