Today in legal history...

Friday, February 04, 2011

Obama restricted executive compensation for companies seeking federal aid

On February 4, 2009, US President Barack Obama announced that his administration would place a $500,000 cap on executive compensation for companies receiving "exceptional assistance" from the federal government. The restrictions included a $500,000 cap on executive compensation, a requirement that any additional executive compensation be paid in the form of stocks that could not be traded until the federal government recouped its investment in the financial institution, an increased ban on so-called "golden parachutes" for senior executives, and a requirement of a company-wide policy adopted by the board of directors regarding the approval of luxury expenditures.

Learn more about the legal repercussions of the global financial crisis from the JURIST news archive.

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