Tomorrow, President Obama and Treasury Secretary Geithner will implement a pay cap of $500,000 to executives of companies receiving bailout money.
The New York Times reports the plan, which is similar, though not as strict as the plan proposed by Senator Claire McCaskill (D-Missouri) this week, will allow for bonuses, but no large than their pay base. (Whether this means bonuses cannot exceed their base salary or total more than $500,000 plus salary is still in question). McCaskill’s plan banned any bonuses at all.
Here’s the story;