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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: i-node who wrote (454005)	2/4/2009 12:13:02 PM
From: tejek	Respond to of 1572746

Obama sets executive pay limits for bailout companies Wed Feb 4, 2009 11:58am EST WASHINGTON (Reuters) - President Barack Obama took steps to rein in corporate compensation on Wednesday, imposing a $500,000 cap on executive pay for firms that take government bailout money and limiting lavish severance packages. "As part of the reforms we are announcing today, top executives at firms receiving extraordinary help from U.S. taxpayers will have their compensation capped at $500,000 -- a fraction of the salaries that have been reported recently," Obama said in prepared remarks. Obama, who has sharply criticized Wall Street chiefs for accepting billions of dollars in bonuses last year while the economy fizzled, demanded that firms seeking federal help must not be "up to the same old tricks" and said he would not tolerate massive compensation packages in the midst of the economic crisis. reuters.com