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The Washington Independent

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

Tyrese Griffin
News
Last updated: Jul 31, 2020 | Feb 11, 2009

How’s this for absurdity?

Citing unnamed Democratic officials, The Associated Press reports that 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 Onion got it right when it said this bailout cash is being dumped into a hole in New Mexico.

Tyrese Griffin | Tyrese started her education in the performing arts at the prestigious Alexander Hamilton Academy in Los Angeles. She returned to civilian life after serving in the United States Army as a tracked vehicle operator, and started writing short stories and screenplays, as well as directing short films and music videos. She has published six novels, which have sold over 200,000 copies, as well as audiobooks and short stories for anthologies, and has earned several awards.

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