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Obama Administration Plans Limits on Some Bank Sal
Date: 2/4/2009 8:29:51 AM Sender: VOA News
Obama Administration Plans Limits on Some Bank Salaries
By VOA News
04 February 2009

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President Barack Obama with Treasury Secretary Tim Geithner in the Oval Office of the White House, 28 Jan 2009


The Obama administration is expected to unveil new rules limiting salaries for executives of banks who accept federal bailout funds to $500,000 a year.

Administration officials say President Barack Obama and Treasury Secretary Timothy Geithner will announce the new limits at the White House Wednesday.

Reports of enormous Wall Street bonuses prompted move

The move was spurred by recent reports that Wall Street firms paid some $18 billion in bonuses last year, while the economy was spiraling downward and the companies were seeking federal help. Mr. Obama denounced the bonuses last week as "irresponsible" and "shameful."

Democratic Senator Claire McCaskill introduced a bill last week to set the pay of executives at companies receiving federal bailout money at $400,000 a year - equal to President Obama＇s salary.

No ＇witch hunts＇ against bonus recipients

New U.S. Attorney General Eric Holder said Tuesday he does not plan to conduct what he called "witch hunts" against the bonus recipients. But he said the Justice Department will look for and prosecute cases of fraud and misconduct that led to the economic crisis.

The banking company Citigroup defended its use of bailout money Tuesday, saying it is spending more than half of the $45 billion it received from the government on programs meant to help consumers, including those having trouble paying their home loans. Citigroup has been criticized for going through with a $400 million deal that gives it naming rights to the new home stadium of Major League Baseball＇s New York Mets.

Wells Fargo and Company, which accepted $25 billion in federal bailout money, decided Tuesday to cancel a lavish annual employees＇ trip to Las Vegas after news reports about the event.

Last year the insurance company American International Group Inc. was heavily criticized for spending hundreds of thousands of dollars on spa treatments and resort stays for its executives just days after accepting billions in federal bailout money.

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