Obama administration to issue executive pay limits

U.S. President Barack Obama will set a $500,000 a year cap on executive pay going forward for banks and other companies that take U.S. government funds to stabilize their businesses, an administration official said on Tuesday.

The president’s announcement, to be made on Wednesday, will kick off a long term effort to reform executive compensation rules, the official said.

I am glad that the President is doing something right. It was unforgiving act by by bailouts company to use taxpayers’ money to pay their bonuses and buy new airplanes for themselves.

Shame on them.