Bloomberg has more on the financial salary caps today:
The rules, created in response to growing public anger about the record bonuses the financial industry doled out last year, will apply only to top executives at companies that need “exceptional” assistance in the future. The limits aren’t retroactive, meaning firms that have already taken government money won’t be subject to the restrictions unless they have to come back for more.
People I talked to (non-financial types) were cheering the limits yesterday. That it doesn't apply to those who already took money, but only those who take it going forward makes it much less of a big deal.
The rules, created in response to growing public anger about the record bonuses the financial industry doled out last year, will apply only to top executives at companies that need “exceptional” assistance in the future. The limits aren’t retroactive, meaning firms that have already taken government money won’t be subject to the restrictions unless they have to come back for more.
People I talked to (non-financial types) were cheering the limits yesterday. That it doesn't apply to those who already took money, but only those who take it going forward makes it much less of a big deal.
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