Obama Plots Executive Pay Cut

Attention, Wall Street: The era of no-strings-attached bailouts is over. That’s what President Obama made clear this evening when he announced plans to issue new limits on executive pay for companies on the receiving end of taxpayer money. “One of the things that we’re going to do tomorrow is talk about the need to control executive compensation for companies that are taking money from the federal government,” he told NBC Nightly News. “If the taxpayers are helping you, then you’ve got certain responsibilities to not be living high on the hog.” The administration will make the big announcement Wednesday; one congressional plan on executive pay would set the maximum at $400,000—not even enough for five of John Thain’s carpets.