WASHINGTON - Responding to concerns about Wall Street excesses, President Barack Obama on Wednesday introduced rules limiting to $500,000 compensation paid to executives at financial institutions receiving "exceptional assistance" from the government. Any additional compensation would be made in restricted stock that won't vest until taxpayers are repaid, Obama said. Banks getting help as part of the bailout program would face new prohibitions on "golden parachutes." The rules also give shareholders of banks receiving capital infusions from the government a non-binding vote on executive compensation. Financial institutions participating in the bank bailout package will face more stringent transparency rules on expenses such as aviation services, holiday parties and office renovations.
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We say: Well, well about time. We wonder whether our own leadership will impose similar 'rules' on UK bankers.
Should do and it would certainly be politically popular to do so but it might just harm chances of securing that lucrative post cabinet private sector job!
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