Performance-Based Compensation Articles
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Thursday, September 25, 2008
Possible Executive Pay Limits in Bailout Plan - AP
WASHINGTON (AP) -- Republican officials say Treasury Secretary Henry Paulson has accepted a major change in the Bush adminstration bailout proposal for the financial industry.The officials say the 700 billion-dollar plan will include limits on the pay packages of executives whose companies benefit from it, particularly so-called "Golden Parachutes" for executives forced to leave.
Criticism of the bailout from both parties has been heavy on Capitol Hill this week. Paulson is a meeting for a second day with House Republicans, some of whom have said they oppose any federal intervention into private financial markets. Virginia Congressman Tom Davis calls it "a terrible plan," but adds he hasn't heard anything better.
While Democrats have also criticized the plan, party leaders have stressed their willingness to work with the White House to avoid an economic catastrophe. House Speaker Nancy Pelosi also has been meeting with administration officials and says talks are "moving in a productive direction."
