I really have no problem with executives getting bonuses when they do a good job. But when they apply for government assistance, by definition they aren't perfoming up to standards that merit extra pay. It's really not a tough concept to understand, but apparently it's over the heads of our elected representatives.
Congressional efforts to impose stringent restrictions on executive compensation appeared to be evaporating yesterday as House and Senate negotiators worked to fine-tune the compromise stimulus bill.
Provisions to impose a penalty on banks that paid hefty bonuses and to cap pay at $400,000 for all employees at firms applying for additional government funds did not survive the compromise, sources said.
The situation was in flux last night, but provisions in the Senate bill that called for a ban on bonuses for all companies receiving government funds also appeared to be headed to the chopping block, congressional sources said.