lol @ us crying for crooked ass CEOs earning $20 million per year to do a shitty job.
hey, if Obama tried to outlaw cigarettes, I'd see you all crying for Philip morris next...
Obama Administration to Seek New Power for SEC on Executive Pay
Yahoo ^ | June 10 , 2009 | Robert Schmidt and Rebecca Christie Robert Schmidt And Rebecca Christie
Posted on Wednesday, June 10, 2009 12:51:03 PM by Ernest_at_the_Beach
The Obama administration will seek new powers for the Securities and Exchange Commission to force firms to let shareholders vote on executive pay and make directors who set compensation more independent, an administration official said.
Today’s proposal, subject to congressional approval, would cover all public companies. President Barack Obama has long supported giving shareholders nonbinding votes on bonuses, salaries and severance packages. The administration also will name a “special master” to monitor compensation plans for firms receiving exceptional assistance in the financial rescue.
The changes are aimed at reducing systemic risks and quelling a political uproar over bonuses paid to executives whose companies were bailed out by the government. Treasury Secretary Timothy Geithner has repeatedly blamed pay standards tied to short-term profits for contributing to the worst financial crisis since the 1930s.
“It clearly is going to force companies to be more transparent with their disclosure” on compensation, said Irv Becker, national practice leader for Philadelphia-based Hay Group’s executive compensation practice. If the measure is implemented, it likely will take several years before shareholders begin to confront management, he predicted.
(Excerpt) Read more at news.yahoo.com ...