AP: The Obama administration plans to mandate new executive pay limits on Wednesday for government-assisted financial institutions in a new get-tough approach to bankers and Wall Street.
"If the taxpayers are helping you, then you've got certain responsibilities to not be living high on the hog," President Barack Obama said in an interview Tuesday with "NBC Nightly News".
The president and members of Congress are weighing various proposals to restrict chief executives' compensation as one of the conditions of receiving help under the $700 billion financial bailout fund.
Obama did not reveal details of the administration's compensation caps. Administration officials have said that the restrictions would apply only to those firms receiving "exceptional assistance", such as the American International Group Inc., Citigroup Inc., and Detroit automakers.
Of course, there is a republican complaining about government in business:
"I really don't want the government to take over these businesses and start telling them everything about what they can do," Sen. Mitch McConnell of Kentucky, the Republican leader, said this week. "Then you truly have nationalized the business."I think Mitch McConnell has said more than his share this week.
