That, of course, from movie scumbag Gordon Gekko in Wall Street.
The Gordon Gekkos of the world might want to beat feet over to their local pound right about now.
President Barack Obama unveiled new restrictions on pay for executives at financial institutions receiving federal bailout money today, slamming corporate leaders for "narrow self-interest" in enriching their paychecks with taxpayer money.
"For top executives to award themselves these kinds of compensation packages in the midst of this economic crisis isn't just bad taste -- it's a bad strategy -- and I will not tolerate it as president," Obama said during a White House appearance with Treasury Secretary Timothy Geithner. "We're going to be demanding some restraint in exchange for federal aid -- so that when firms seek new federal dollars, we won't find them up to the same old tricks."
Under new rules, companies that receive "exceptional financial recovery assistance" -- large bailouts like those given to Citigroup and American International Group -- would not be allowed to pay senior executives more than $500,000 in total annual compensation.
The exception would be grants of stock or other long-term incentives that contain restrictions that limit when it could be cashed in -- after the government has been repaid or after a set period that takes into account how the company has been repaying the federal money.
The restriction will be unbending for firms that get exceptional assistance from the federal government, although healthier banks applying for money from the Trouble Asset Relief Program would be able to waive the rule if they publicly disclose the information.
Can I get a "Hallelujah!!!???" Greed is so cocaine-and-Reagan-era '80's...
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