• News
  • Celebrities
  • Finance
  • Crypto
  • Travel
  • Entertainment
  • Health
  • Others

Wyden-Snowe Executive-Pay Limits Sliced from Stimulus

The finance industry might be floundering, it might be broke, and it might be ringing the tin cup for federal help. But don’t say Wall Street has lost its sway over lawmakers on Capitol Hill.

Congress agreed on a final stimulus plan yesterday, but not before stripping out a provision forcing bailed-out banks to repay 2008 bonuses. Under the provision, sponsored by Sens. Ron Wyden (D-Ore.) and Olympia Snowe (R-Maine), companies receiving funding under the Troubled Asset Relief Program (TARP) would be forced to repay Washington for any 2008 bonuses in excess of $100,000, or pay a 35-percent tax on funds not returned. Wyden is vowing to continue the push to have it passed. From his statement:

Wall Street’s clout continues unabated in Washington, despite having wrecked our economy,” said Wyden. “I am unbelievably disappointed, but I want it understood that I will be back again and again to recover for taxpayers the exorbitant Wall Street bonuses paid for with TARP money.

It wasn’t supposed to play out this way.

In the wake of reports revealing that Wall Street firms doled out billions in executive bonuses — even after they’d accepted hundreds of billions of federal dollars — lawmakers had vowed to take steps to ensure that TARP funds weren’t going straight into the pockets of the same folks who’d run the banks into the ground.

Indeed, the Senate stimulus bill included several provisions — added as amendments during the floor debate — to do just that. One provision, sponsored by Sen. Claire McCaskill (D-Mo.), would have capped executive compensation at $400,000. Another, sponsored by Sen. Christopher Dodd (D-Conn.), would have banned bonuses for the 25 highest-paid employees of companies receiving TARP funds. The Wyden-Snowe provision was included as well, but was sliced for reasons that still aren’t clear. The removal is strange, if only because the measure was expected to save the federal government more than $3 billion.

It’s unclear if the Dodd and McCaskill amendments made the cut. Apparently, a full 27 hours after a stimulus deal was announced, lawmakers are still haggling over the details of the bill. Stay tuned …

Discussion & Comments (0)

    Recent Articles

    • Things You Should Know about North America

      Things You Should Know about North America

      Get to know more about North America.

    • Eurovision 2010 Paula Seling Unpredictable Contest

      Eurovision 2010 Paula Seling Unpredictable Contest

      Paula Seling's experience on the Eurovision stage led her to declare that "Eurovision is an unpredictable contest". Which may explain the success of the young Lena from Germany, about whom the predictions before the event did not offer much chances for victory.

    • VIPRow.me - The Best Sports Streaming Website Today

      VIPRow.me - The Best Sports Streaming Website Today

      Have you ever contemplated creating a user-friendly site dedicated to sports-related free live streaming channels?

    • Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      XNXUBD 2022 Nvidia users are able to watch thousands of videos and other contents online. XNXUBD 2022 Nvidia New is a piece of software that enables people to watch videos online without having to pay for memberships. On a graphics card, the XNXubd also provides some of the best gaming and virtual reality experiences.

    • Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      A new edition of the Video Editor Apk for xVideostudio.Video Studio has all the latest features, including support for multiple video download formats in HD, FHD, and even 4K resolutions.

    • 9 Best Lotion For Masturbation - Popular Choice For 2022

      9 Best Lotion For Masturbation - Popular Choice For 2022

      Masturbation is a common activity for men and women. It's a natural and risk-free way to explore your body, experience pleasure, and release sexual tension.

    • Reasons Why You Need To Stop Watching Movies From Sflix

      Reasons Why You Need To Stop Watching Movies From Sflix

      Without having to sign up or pay anything, you can watch movies online for free with SFlix. It has more than 10,000 movies and television shows.

    • Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Collins (born May 11, 1997) is a rapper from the United States. Leray started publishing songs to SoundCloud in 2014, and in 2018 she released her breakthrough track "Huddy" as well as her first mixtape, Everythingcoz.

    • Listen And Download Music On MyFreeMP3 For Free

      Listen And Download Music On MyFreeMP3 For Free

      Are you in a bind and looking for a place to obtain free mp3 songs? Never again will you need to bother, since this article has everything necessary to obtain your solution. Download free music from MyfreeMP3.com, one of the world's most popular websites.