Sunday, Apr 05, 2009
Obama administration seeks to avoid restrictions, including limits on pay
MSNBC: U.S. aims to help firms sidestep bailout rules
The Obama administration is engineering its new bailout initiatives in a way that it believes will allow firms benefiting from the programs to avoid restrictions imposed by Congress, including limits on lavish executive pay, according to government officials.
Administration officials have concluded that this approach is vital for persuading firms to participate in programs funded by the $700 billion financial rescue package.
Posted by devo @ 07:34 AM (411 views) Add Comment
2 Comments
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1. drewster said...
The rule is that companies which directly receive money from the government can't pay lavish bonuses. So they use a middle-man like AIG to funnel the cash to Goldbag Swags et al, who continue to generously reward their inner circle.
(This is why I'm broadly in favour of smaller, more local government - scandals like this are less lucrative if there's less money floating round in the first place.)
2. crunchy said...
Obama backed through the election with Wall St money.
How many times have I said this.
If you are reading this Gardenet are you starting to get it now?
Maybe in a few more months. lol