It's the sound of Wall Street guys and gals updating their resumes.
WASHINGTON — The Obama administration is expected to impose a cap of $500,000 for top executives at companies that receive large amounts of bailout money, according to people familiar with the plan.
This is a tough spot. If you work at a big bank right now, nobody is going to feel sorry for you. If you make $500,000 per year, nobody is going to feel sorry for you. If you're very talented, and currently at a big bank looking at making $500,000 for the foreseeable future, you're probably thinking about going somewhere else.
A disappointing side note is the fact that Obama chose to tackle executive compensation before the stimulus plan. I don't think that history is going to look kindly on this populist angle.