Bailout: Accord on chiefs' pay, Bush on TV tonight: "Treasury Secretary Henry Paulson said he was agreeing to demands from critics in both parties to limit the pay packages of Wall Street executives whose companies would benefit from the proposed bailout."
No word on the attempt to end-run the United States Constitution with the Section 8 ploy, but there are rumors on the blogs that Paulson is claiming that he was not aware of the provision (the whole bill is only a couple of pages long) and that he believes that Congress should draft the oversight provisions.
Caught with his hand in the cookie jar.......twice.
As for the problems with the executive compensation, if the executives of the companies who are receiving the benefits of the bailouts do not want to agree to lower their pay packages, there is a simple solution - tell their shareholders that they are not going to accept any help from the government, that they will work the company out of the mess that they created, and don't take advantage of the bailout funds. Not a problem.
