Politics

Obama to introduce executive pay limits for bailed out companies.

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The Obama administration plans to mandate new executive pay limits for financial companies that are receiving any help from the $700 billion bailout fund. “If the taxpayers are helping you, then you’ve got certain responsibilities to not be living high on the hog,” President Obama said in an interview. Sen. Claire McCaskill (D-MO) has proposed that no employee of a bailed-out company can receive more than $400,000 in total compensation until it pays the money back.

UPDATE

Obama will announce today that he’s imposing a cap of $500,000 on the compensation of top executives at companies that receive significant federal assistance in the future.

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UPDATE

,Sen. Bernie Sanders (I-VT) was the first to propose the idea of capping salaries last October. Watch his appearance last night on The Rachel Maddow Show.

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