Paulson Agrees to Limit CEO Pay

Also note, George Bush is expected to "speak" at 6 pm for his photo op. 

NYT: WASHINGTON — President Bush will address the country on Wednesday night in hopes of bolstering public, and hence political, support for the economic recovery plan, one on which the administration is now willing to make a major concession on executive pay.

“The president believes it is important for the American people to fully understand the depths of the crisis affecting our country, how that affects them,” Dana Perino, the president’s chief spokeswoman, said. Mr. Bush will speak from the White House at 9 p.m. for 12 to 14 minutes, Ms. Perino said.

Meanwhile, Treasury Secretary Henry M. Paulson Jr. had agreed to demands from lawmakers in both parties to limit the pay of executives whose companies benefit from the bailout. The enormous pay packages of some Wall Street executives, coupled with the realization among nonwealthy Americans that the crisis could affect their financial foundations, have created an incendiary issue on Capitol Hill.

“The American people are angry about executive compensation, and rightfully so,” Mr. Paulson told the House Financial Services Committee. “Many of you cite this as a serious problem, and I agree. We must find a way to address this in legislation without undermining the effectiveness of the program.” Read more