This is bullcrap...Congress caves to pay cuts..what about millions of US

[xiamiam]

who want an end to this nonsense?

Congressional efforts to impose stringent restrictions on executive compensation appeared to be evaporating yesterday as House and Senate negotiators worked to fine-tune the compromise stimulus bill.

Provisions to impose a penalty on banks that paid hefty bonuses and to cap pay at $400,000 for all employees at firms applying for additional government funds did not survive the compromise, sources said.

The situation was in flux last night, but provisions in the Senate bill that called for a ban on bonuses for all companies receiving government funds also appeared to be headed to the chopping block, congressional sources said.

The provisions would go further than those announced by the Obama administration last week. They would target the 359 banks that have received government aid and essentially prohibit companies from paying anything other than a base salary, analysts said. The 25 highest-paid executives at each company would be subject to the ban.

http://www.washingtonpost.com/wp-dyn/content/article/2009/02/11/AR2009021104488.html