Currently, the U.S. government is attempting to bailout the financial industry from the ever-deepening crisis by implementing an economic "bailout plan". One of the contingencies for the financial institutions that receive government's bailout money is to imposed a $500,000 salary cap on their senior executives.
The pay limit comes as there has been a national outcry over the huge bonuses ($18 billion in 2008) that have been paid to the executives of the companies that seek taxpayer dollars to remain afloat, and even in the midst of the economic downturn and as their companies’ profit margins and stock values continue to drop, these executives were "rewarded for failure".
I believe the majority of Americans will agree that we, as taxpayers, will no longer continue to fund the lavish lives of those that have not only "failed" their companies and their stock holders, but also led the industry and the nation's economy to their demise.
However, by the same token, we should also ask how the "executives" of the previous administration, who has left our nation with over $10 trillion in debt, the worse economical condition since the Great Depression, were able to walk away with their millions.
As a President, George Bush made $400,000 annually and got additional money in various expense accounts. His current net worth is believe to be estimated around $30 million. Dick Cheney made $208,100 annually and also had expense accounts, and his current net worth ranges $30-100 million.*
As Timothy Geithner stated, "There is a deep sense across the country that those who were not ... responsible for this crisis are bearing a greater burden than those who were," and I believe that those who were responsible got away with their millions.
* source - http://www.answers.com/, http://wiki.answers.com/
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