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Obama Searching for “Pay Czar” and Shareholder Vote to Limit Executive Compensation
The Obama administration yesterday (Wednesday) continued its assault on highly paid Wall Street executives, announcing plans to appoint a “pay czar” to oversee compensation at financial firms receiving Troubled Asset Relief Program (TARP) funds. The government also will create a new program to give shareholders at nonparticipating firms a vote on executive pay packages.
President Barack Obama has targeted executive pay practices as part of a larger effort to overhaul regulations and prevent a repeat of the worst financial crisis since the Great Depression.
Obama will unveil a “series of specific proposals” on June 17 designed to streamline and reorganize…
11Jun2009 | Money Morning | 0 comments | ContinuedThe $700 Billion Bailout Package Has Nearly Arrived
And No One Outside Wall Street Executive Suites Likes It
For years now, many enlightened financial observers have been warning that the national debt was a ticking time bomb. Guess what? The time bomb has exploded.
But the so-called geniuses on Wall Street didn’t see it coming, did they? Apparently they were far too impressed by their own financial theories, “innovations” and models, not to mention extremely lucrative salaries and bonuses.
And the response of the global markets (and the DJIA itself) to the Great Bailout Fiasco of 2008 has been anything but enthusiastic. Even before the failed vote in Congress just now,…
1Oct2008 | Oxbury Research | 1 comment | Continued
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