President Barack Obama Announces Limit on Executive Pay for Firms Receiving Government Money

President Barack Obama, responding to recent news concerning exorbitant salaries and bonuses for Wall Street executives, has announced there will be a $500,000 limit on what firms can pay their top employees if those firms are receiving government aid.

Public outrage was quick to surface after it was discovered several executives from struggling Wall Street firms had awarded themselves large bonuses despite applying for government funding. Obama quickly pointed out that taxpayers shout not be “subsidizing excessive compensation” and called the bonuses “shameful.”

Along with capping the salary of executives Obama said any bonuses afforded those executives would come in the form of stock and could not be sold “until taxpayers are paid back for their assistance.”

Obama also called for full disclosure for “all the perks and luxuries bestowed upon senior executives.”

There are many who fear that Obama’s latest move would lead to executives leaving firms who have received government aid for other companies.

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