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Wall Street bosses whose banks are being bailed out by the US
taxpayer will not be able to earn more than $500,000 (£345,000) a year,
President <a href="http://www.guardian.co.uk/world/barack-obama">Barack Obama</a> warned today as he vowed to clamp down on the "customary lavish bonuses".<p>In
a tough-talking pledge to the US taxpayer, Obama promised to
investigate how the multimillion-dollar pay packets for top executives
had contributed to the "reckless behaviour" that had "caused havoc in
our financial system". He also promised to end the "disgusting" payoffs
handed to Wall Street executives who were forced to resign as the
credit crunch hit.</p><p>"We are putting a stop to these kinds of
massive severance packages we have all read about with disgust," he
said. "We are taking the air out of the golden parachute."</p><p>Flanked
by the treasury secretary, Timothy Geithner, Obama signalled that a new
stimulus package would be announced next week to get money flowing
around the financial system again.</p><p>The ground-breaking plans to
tackle Wall Street's pay packets – where even last year more than $18bn
was paid in bonuses – were needed to put confidence back into the
financial system, he said. The curbs on pay are not retrospective.</p><p>"To
restore our financial system, we've got to restore trust," Obama said.
"And in order to restore trust, we've got to make certain that taxpayer
funds are not subsidising excessive compensation packages on Wall
Street."</p><p>The plan met with a mixed response. David Kotok, of
Cumberland fund managers, said: "This is pure political grandstanding.
If the limit has bite, it will be counterproductive and the unintended
consequences will hurt the US as skilled and bright senior managers
make choices."</p><p>Lauren Smith, of Keefe, Bruyette &amp; Woods,
agreed, saying there was "certainly a possibility" of a flight of
talent from firms accepting bail-out funds.</p><p>But the US House
Republican leader, John Boehner, appeared to endorse the $500,000
limit. "Somebody's got to pick a number – the president has picked one;
I applaud him for doing it. If anybody is looking to the taxpayer to
help bail the company out, these kind of executive compensation limits
are appropriate."</p><p>Other Republicans also backed the idea. "I
would say to Wall Street be careful what you wish for. Maybe it is
going to wake up American business: that there is a cost when you
invite the 800lb gorilla of government into your boardroom," said Mike
Pence, a Republican from Indiana.</p><p>Under Obama's plan, any
executive of a company accepting federal aid will be able to increase
their $500,000 basic pay through the award of shares but they will not
be able to cash these in until all taxpayer funds have been paid back.</p><p>Obama
was incensed by the pay deals handed out as the banking crisis hit last
year. "For top executives to award themselves these kinds of
compensation packages in the midst of this economic crisis is not only
bad taste, it's bad strategy, and I will not tolerate it as president,"
he said.</p><p>The president aims to ensure that banks seeking more
support will not be riddled with the excesses of the past. "We're going
to be demanding some restraint in exchange for federal aid, so that
when firms seek federal dollars we won't find them up to the same
tricks," Obama said.</p><p>Examples of the pay deals concerning the new
US administration are easy to come by. John Thain, recently removed
from the helm of <a href="http://www.guardian.co.uk/business/merrill-lynch">Merrill Lynch</a> after it was bailed out by Bank of America, spent <a title="" href="http://www.guardian.co.uk/business/2009/jan/23/useconomy-globalrecession">$1.2m redecorating his office</a> – although he has now offered to pay this back.</p><p>The severance package for Sanford Weill, former chief executive of <a href="http://www.guardian.co.uk/business/citigroup">Citigroup</a>, which avoided collapse only thanks to a $45bn bail-out, included <a title="" href="http://www.guardian.co.uk/business/2009/feb/02/citigroup-chief-excutive-salaries-jet">use of the corporate jet until 2016</a>. He has now forgone this perk – and a $175,000-a-year consulting contract and other benefits.</p><p>Ken Lewis, who runs Bank of America, received $20m in 2007. BoA needed federal aid after its takeover of Merrill Lynch.</p>
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