The Senate Democrats slipped a provision into the recovery bill that, according to the Washington Post, "limits bonuses for executives at all financial institutions receiving government funds to no more than a third of their annual compensation."
"This is a big deal. This is a problem," said Scott Talbott, chief lobbyist for the nation's largest financial services firms. "It undermines the current incentive structure."
Aww. Poor babies.
The bonus restrictions would apply to a varying number of employees at each firm, depending on how much money the firm has taken in government assistance. At banks receiving less than $25 million, the limits would apply to only the highest-paid employee. For those receiving $25 million to $250 million, the restriction would apply to the five highest-paid employees. The top five executives and ten highest-paid employees would be affected at firms receiving $250 million to $500 million.
Awwwwwwwww. So sad.