New Executive Pay Limits Added to Senate Stimulus

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We reported on Wednesday that the Obama administration’s new executive pay limits — which have huge loopholes built in — weren’t stopping Sen. Claire McCaskill (D-MO) from pushing to add her own, stronger CEO pay caps to the stimulus bill.

And very quietly, by unanimous voice vote, McCaskill’s plan was added to the stimulus last night. The Senate also added Banking Committee Chairman Chris Dodd’s (D-CT) similar executive pay constraints to the bill. So it seems that GOPers may talk about not wanting government in control of private business; but when push comes to shove, even they can no longer defend the excesses of Wall Street.

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