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§ 708a.310 Limits on compensation of officials.
The banks that have received bailout funds already are subject to limits on compensation, but they are not considered strict.
The moves are the latest in a string of defections from UBS, which has lost senior executives as it grapples with limits on compensation.
Although the Treasury Department is imposing limits on compensation to the most highly paid executives at companies that receive government aid, the limits do not address compensation paid in the past or under pre-existing employment contracts.
For their work in 2008, 953 Goldman employees were paid more than $1 million each; the bank accepted $10 billion in federal bailout cash, though it has since repaid the money, as have most other banks, freeing them of government limits on compensation.
The payments exceeded those offered by private industry, were not approved by the postal board of governors and "could be perceived as a way to circumvent the statutory limits on compensation," Robert L. Emmons, an acting inspector general, concluded in the report.
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§ 708a.111 Limit on compensation of officials.
The announcement is likely to include a lifting of the current £500,000 upper limit on compensation awards for all crime victims, with support determined on a case-by-case basis according to the extent of injury.
Mr. McCain has struck a notably populist tone in addressing the crisis, and in the interview, he set a specific limit on compensation for executives at firms that receive federal assistance.
This arbitrary limit on compensation, which is supported by the Kean administration, is inhumane because it penalizes seriously injured victims, including those who are left brain-damaged or paralyzed.
He will consult on plans to cut the limit on compensation payouts to a maximum of 12 months' salary.
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