Thursday, February 12, 2009

Being a Lobbyist

Last week President Obama announced a measure to cap CEO compensation for financial institutions on the dole. Today in the
Washington Post it looks like similiar measures will not pass in the House and Senate:

Congressional efforts to impose stringent restrictions on executive compensation appeared to be evaporating yesterday as House and Senate negotiators worked to fine-tune the compromise stimulus bill.

Provisions to impose a penalty on banks that paid hefty bonuses and to cap pay at $400,000 for all employees at firms applying for additional government funds did not survive the compromise, sources said.

The situation was in flux last night, but provisions in the Senate bill that called for a ban on bonuses for all companies receiving government funds also appeared to be headed to the chopping block, congressional sources said.

Lobbyists rule! Long live lobbyists! Right?!

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