Tuesday, September 30, 2008

Bailout, shmailout. Executive pay still safe.

Posted Sep 29 2008, 01:12 PM by Kim Peterson

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The bailout provisions that limit executive pay? Yeah, right. If you believe that, I have $700 billion in bad real estate to sell you. I read the executive compensation part of the bailout bill (which you can read here, but trust me, you don't want to).

The idea is pretty clear. Cut the pay for bosses at banks that sell toxic assets to the government. Take back the bonuses the execs got if a bank's financial statements prove inaccurate. Ban them from getting golden parachute payments.

But the loopholes in these conditions are huge -- huge enough certainly for a smart company to get around.


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