Pay caps only apply to future bailouts, not the ones we've already given.

[Fire_Medic_Dave]

Banks could still find wiggle room in pay caps

The new rules require banks that receive "exceptional assistance" from the government to cap salaries, including cash bonuses, at $500,000 for senior executives.
If those firms wanted to pay their executives more, they would have to use stock that couldn't be sold until the bank had repaid the bailout money. The rules apply only to the future, not to banks that have already received bailout money.

http://news.yahoo.com/s/ap/20090205/ap_on_bi_ge/executive_pay_wall_street;_ylt=ApsWs3ykmxSoLOW3AAJ6RehbbBAF;_ylu=X3oDMTE5MzExdWVrBHBvcwMyBHNlYwN5bl90b3Bfc3RvcmllcwRzbGsDYmFua3Njb3VsZHN0

Isn't that nice.

David

[cherish44]

1. Someone in the Senate did suggest that bonuses paid for w/ bailout money be paid back...

nt

[napi21]

2. Many Dems wanted restrrictions in the first issue, but it was voted

down and Shrub said he would veto anything like that. Paulson didn't put any restrictions in the first agreement and I can't see any way you can go back now and restructure that.

[orleans]

3. yes, well, let that be a hard lesson for all of them

that they needed to get it while the gettin was good--that it is important to make hay while the sun shines--that the early bird gets the worm--that a stitch in time saves nine--that they need to strike while the iron's hot

i'm sure everyone learned their lesson

:sarcasm: