Source: BusinessWeek.com
Date Source: Feb. 4th 2008.
http://www.businessweek.com/bwdaily/dnflash/content/feb2009/db2009024_052387.htm?chan=top+news_top+news+index+-+temp_top+story
Summary
President Obama announced top executives at bailout firms will be limited to $500 on pay and compesantion packages. Obama said that any amount paid over the restricted amount imposed to this executive will have to be paid back as stocks until the debt is payoff. Any compesation based on unethical business practices will be subject to this rule as well. Corporations such Bank of America, AIG and Citi Group are to report compesation given to executives. Other banks that also received assistance from the government but not as trouble will be exempt from those restrictions. Luxury corporate plane, fancy parties and exessiive spending renovations will be also restricted.QuestionIf you were one of these executives, would you think is the right thing to do or would you go somewhere else where there are no such restrictions? Will these restriction encourage other companies to be more conscious about their over spending?
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