Fight Over Executive Pay Caps Isn't Over
TPMDC was the first to report on the Democrats' plans to remove Senate-passed limits on executive pay from the final stimulus bill.
Today the WaPo followed by reporting the same thing ... but as we mentioned yesterday, Sens. Olympia Snowe (R-ME) and Ron Wyden (D-OR) aren't done fighting for their proposal to claw back $3.2 billion in bonuses paid out by banks after they got government rescue money last year.
"We are still having difficulty getting a straight answer as to whether or not it is still in the bill," Wyden's spokeswoman told me via e-mail. "Everyone we ask says that someone else is trying to kill it."
It ain't over till legislative language is formally filed -- but if you think they'll take up executive pay limits later this year, I have some worthless Fannie Mae stock to sell you.
Josh
Elana
Matt
Eric
Give ya 5 cents a share
February 12, 2009 1:17 PM | Reply | Permalink
The word was the pay caps were taken out because they might cost the treasury money.
Wouldn't a better solution be to keep the pay caps and just raise the tax rates on these higher income earners and get the revenues back that way? Isn't that what Pres Obama had said he was going to do?
February 12, 2009 1:44 PM | Reply | Permalink
No, one House Dem was saying that it might cost the treasury money, and that was not any indication it was in or out of the bill.
February 12, 2009 4:30 PM | Reply | Permalink
What PurpleAdvantage said.
Let 'em keep it. Then slap a 94% surtax on it.
February 13, 2009 12:19 AM | Reply | Permalink