President Barack Obama has set a $500,000 limit on annual pay for executives at propped-up companies
US President Barack Obama set a $500,000 limit on annual pay for top executives at firms receiving taxpayer funds, according to Reuters.
‘What gets people upset, and rightfully so, is executives being rewarded for failure. Especially when those rewards are subsidized by U.S. taxpayers,’ Obama was quoted in the Reuters story saying.
The paper also reported that the President would be outlining more measures to overhaul the crisis hit financial sector next week, which has been propped up with billions of dollars of taxpayer funds.
Wall Street critics said the compensation cap was a political gambit that could prompt a talent flight from affected firms, said Reuters.
See also: What's in store under Obama
