Reining in Bankers' Pay
Over at the Guardian, I've posted some thoughts on Barack Obama's decision to limit the pay of of banking execs being bailed out with taxpayer dollars:
The world economy is sinking. Tens of thousands of jobs are disappearing in America every day. The US government is pouring hundreds of billions of dollars into its banking system.I like the part about allowing execs to be paid in restricted stock that wouldn't vest until the government has been paid back in full.
All of which is leaving Americans shaking their heads — and their fists — at the enormous bonuses paid out to the banking executives who created this mess. Yesterday, Barack Obama decided enough is enough. Standing with treasury secretary Timothy Geithner, Obama announced new pay restrictions for the executives of banks being pumped full of public funds.