So, Wall Street CEOs didn't figure out on their own that when they take taxpayer money, they have a moral obligation to help the overall economy with their $700 billion public-funded bailout rather than single-mindedly line their own pockets with billions of dollars in salaries, bonuses and other ego-inflating perks.
Funny how "moral obligation" and "Wall Street" tend to be mutually exclusive terms.
Wall Street CEOs wouldn't do it on their own. So now they have to.
This week, the U.S. Treasury Department's special master for compensation, Kenneth Feinberg, said financial corporations still on the public dole will have to limit salaries to a maximum of $500,000 and that average total pay packages among top employees will drop by 50 percent. Yesterday, the Federal Reserve announced that 28 of America's largest, most complex financial institutions will be required to submit their pay policies to a regulatory review-whether or not they have received bail-out money from taxpayers.
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