| Administration to Issue New Wall Street Pay Curbs |
| News - Americas |
| Written by The Associated Press |
| Wednesday, 10 June 2009 09:36 |
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WASHINGTON (AP) — An up and coming Wall Street executive might want to hold off on buying that condo in Aspen. The Obama administration is ready to issue broad new guidelines that would rein in pay at financial institutions.
Eager to remove incentives that they say contributed to last year's financial crisis, President Barack Obama's economic team plans to unfurl broad executive pay principles, possibly as early as Wednesday, that put a premium on long-term performance over short-term gain. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke want to give the Fed, which regulates banks, and the Securities and Exchange Commission, which oversees the financial markets, greater powers to guide compensation practices on Wall Street and beyond. |