Senate votes to ban executive bonuses

[ProSense]

Senate votes to ban executive bonuses

WASHINGTON (Reuters) – The U.S. Senate on Thursday voted to ban bonuses for top executives at banks or companies receiving taxpayer money from the Treasury Department's $700 billion bailout fund.

On a voice vote, the Senate approved the measure as an amendment to the $900 billion economic stimulus package headed toward anticipated passage.

On Wednesday, President Barack Obama set a $500,000 cap on executive pay and imposed other restrictions on companies that receive money from the Treasury Department's Troubled Asset Relief Program, or TARP. The new rules are not retroactive.

[valerief]

1. Now, roll back the Reagan tax cuts! nt

[Hawkeye-X]

2. When will they vote to revoke their own raises prior to 1992?

They can live on $142,000 for crissake.

Hawkeye-X

[ProSense]

3. Did that have something to do with causing the economic crisis? n/t

[DebJ]

4. Hallelujah!!!!!!!!!!

[Joe the Revelator]

5. I don't like this. I get a bonus every year. I count on that money as part of my salary.....

why punish those at the banks who count on the same thing?

[ProSense]

6. You make $500,000 a year or more?

voted to ban bonuses for top executives at banks or companies

Their salaries are being capped at $500,000. I don't think you're in the same boat, are you?

[DebJ]

7. I've often been bonusable and needed the money. But if the

company didn't make ENOUGH profit, then of course, no bonus...nothing there to share. To pay bonuses with a loss???? That's not capitalism. That's the king taking his cut no matter what.

[karynnj]

8. Do you get a bonus if your company has major losses?

I know several major companies where there were no bonuses this year and some where there were even salary cuts.

[Joe the Revelator]

10. Good point

No, I do not.

[Hippo_Tron]

9. Is your bonus paid with taxpayer money?