Banking, finance, and taxes
Will All Of The Top Management On Wall St. Work For $1 A Year?
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The Administration is looking at further pay caps for executives on Wall St. and the auto industry. The reasoning is that if a company takes government money, the government should have a say in management pay. That does not leave corporate boards much to do, even those being put into Bank of America (BAC) and Citigroup (C) under pressure from the Treasury, Fed, and FDIC.
According to several media reports the Administration means to appoint a “pay czar” to track compensation at companies that have received taxpayers dollars.
It is good that most Wall St. CEOs are already multi-millionaires. Based on what they were able to make in the past, the new system will be close to $1 a year.
Douglas A. McIntyre
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