Report: Executive-Pay Cap Could Get the Axe in Stimulus Negotiations
How’s this for absurdity? Citing unnamed Democratic officials, The Associated Press reports that there’s pressure on Congress to drop the executive pay
Jul 31, 2020340.3K Shares4.5M Views
How’s this for absurdity?
Citing unnamed Democratic officials, The Associated Press reportsthat there’s “pressure” on Congress to drop the executive pay limits for bailed-out banks as lawmakers reconcile the differences between the House and Senate stimulus bills.
The reason? It would cost taxpayers too much.
That’s right — the federal government has lent or guaranteed trillions to Wall Street firms, many of which remain reluctant to lend the cash, and Congress might drop the executive pay cap because the $10.8 billion it would cost in lost tax revenue over 10 years (as scored by the Congressional Budget Office) is too much.
So: No conditions on lending. No restrictions on executive pay. It looks more and more like The Oniongot it right when it said this bailout cash is being dumped into a hole in New Mexico.
Paolo Reyna
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Paolo Reyna is a writer and storyteller with a wide range of interests. He graduated from New York University with a Bachelor of Arts in Journalism and Media Studies.
Paolo enjoys writing about celebrity culture, gaming, visual arts, and events. He has a keen eye for trends in popular culture and an enthusiasm for exploring new ideas. Paolo's writing aims to inform and entertain while providing fresh perspectives on the topics that interest him most.
In his free time, he loves to travel, watch films, read books, and socialize with friends.
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