Geithner: No caps on pay for corporate executives

Link to AP source.

WASHINGTON (AP) -- Treasury Secretary Timothy Geithner says the Obama administration doesn't want to place caps on executives' pay - even though it believes excessive compensation led to risk-taking that contributed to the financial crisis.

So when you find a problem you are not supposed to fix it? This goes to prove once again who is really in control of our world. How do they expect to fix or prevent futures problems when they are not will to fix the breaks in the chain when they find them?

The excesive compensation of CEO's and others tied to executive positions is a huge part of what leads to this imbalance of income that we see in the US. Pay caps must be mandated in order to fix our system.

Geithner said the administration will seek legislation that will permit shareholders to vote on executive pay packages, but the results would not be binding on boards of directors. The administration will still restrict compensation at companies that are receiving taxpayer assistance through its $700 billion financial bailout program.

Geithner said the shareholder

(quote was from same article hosted.ap.org... )

they are restricting compensation at companies that are recieving taxpayer assistance, which is all they can do given that they don't have the powers to go around telling people what they can and can't earn unless its through certain stipulations like this.

[edit on 10-6-2009 by dankanight13]

[edit on 10-6-2009 by dankanight13]