Obama to Propose Exec Pay Cap for Bailout Recipients

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The Obama administration is reportedly set to announce a plan that would cap executive pay and end bonuses at firms receiving future taxpayer bailouts. The New York Times reports an executive at a bailed-out company could make a maximum $500,000. However, the caps would not be retroactive and would only apply to future bailouts, not the money already disbursed. The move would come days after it was revealed Wall Street firms paid out more than $18 billion in bonuses last year.

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