Friday, February 6, 2009

Banks Finding Their Bootstraps

Two days ago, President Obama proposed limiting the CEO compensation of banks who receive government bail-out money to no more than $500K. Today, Bank of America CEO Ken Lewis announced that his bank will need no additional money from the government.

Well done, Mr. President. At this rate, you'll be able to use leftover TARP funds to help pay for that bloated stimulus bill.

1 comment:

Deekaman said...

Who is going to bail out the bailout?

Regarding capping of pay, take money from the government and the government owns you. That said, my understanding is that there was some strong-arming done to get these guys to agree to TARP funds. No surprise they'd get out.