President Obama announced restrictions on corporate executive pay today, setting a compensation cap of $500,000 a year for companies using taxpayer money. The order comes after the President criticized Wall Street executives who took large bonuses last year despite the current economic crisis. Obama, who had indeed promised reforms for the financial industry, explained ?we're going to be demanding some restraint in exchange for federal aid.? Many within the financial industry knocked the new rules, pointing out that the restrictions will likely push talent out of top Wall Street banks, harming the economy in the long run.
See "Obama sets executive pay limits for bailout companies", Jeff Mason, February 3, 2009