Congress Hikes Limits On Bank Executives' Pay

Summary

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CHICAGO (AP) - President Barack Obama's economic team tried to keep Democratic allies negotiating the stimulus bill from limiting paychecks for executives at banks in need of a bailout. Treasury Secretary Timothy Geithner and economic aide Lawrence Summers failed.

Sen. Christopher Dodd, chairman of the Senate Banking, Housing and Urban Affairs Committee, inserted strict rules into the $787 billion economic stimulus package over the White House's objections. Dodd's limits on bankers' bonuses are significantly more aggressive than those sought by Obama or Geithner in recent days, with much fanfare.

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Congress Hikes Limits On Bank Executives' Pay

Dodd, D-Conn., said the restrictions - an executive making $1 million per year in...

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