Obama calls for 'common sense' on executive pay.
Only Problem, it is against the law to do it.
WASHINGTON: President Barack Obama announced on Wednesday a salary cap of $500,000 for top executives at companies that receive the largest amounts of money under the $700 billion federal bailout, calling the step an expression not only of fairness but of "basic common sense."
"We all need to take responsibility," the president said, in discussing the compensation restrictions, which include an exception for restricted stock. He also used the occasion to prompt Congress once again to act on his separate economic stimulus program, whose cost could approach $1 trillion.
Obama repeated his comments that some Wall Street executives had shown "the height of irresponsibility" when millions of nonwealthy Americans were bearing the burden of Wall Street's failures.
The people are sick an
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