The non conformer's Canadian Weblog

February 4, 2009

Executive Salary caps

WASHINGTON — President Obama announced on Wednesday a salary cap of $500,000 for top executives at companies that receive the largest amounts of bailout money, calling the step an expression not only of fairness but of “basic common sense..  Americans definitely begrudge “executives being rewarded for failure,” especially if their earning are subsidized by taxpayers, “many of whom are having a tough time themselves,” he said.     Citigroup, Bank of America and the American International Group, General Motors and Chrysler were all facing acute problems. And top executives at those companies made far more than $500,000 in recent years.

Kenneth D. Lewis, the chief executive of Bank of America, took home more than $20 million in 2007. Of that, $5.75 million was in salary and bonuses.

Vikram S. Pandit, who became chief executive of Citigroup in December of 2007 and previously held other senior positions at the bank, made $3.1 million.

Rick Wagoner, the chief executive of General Motors, made $14.4 million, much of it in stock, options and other noncash benefits. He earned a $1.6 million salary. ”

and now about the Canadian Corporations, Senators, Premiers, Mayors, managers as well..


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