Executive pay cap on "new" TARP money set at $500K

Unless, of course, you already received TARP money, and then you are exempt from these restrictions!

Here's the story:

The Obama administration is expected to impose a cap of $500,000 for top executives at companies that receive large amounts of bailout money, according to people familiar with the plan.

Executives would also be prohibited from receiving any bonuses above their base pay, except for normal stock dividends.

And here's the loophole:

Executives at companies that have already received money from the Treasury Department would not have to make any changes.
http://www.nytimes.com/2009/02/04/business/04pay.html?_r=1&hp

So those most egregious offenders of executive compensation at AIG, Citigroup, Merrill Lynch, Morgan Stanley, Goldman Sachs, Wells Fargo, Wachovia, WaMu, JP Morgan, USBank, Suntrust, PNC and Bank of America, and every other bank that received TARP money, can still thank you, the taxpayer for their bonuses.

These good banks and brokers are now exempt.

It's the Tom Daschle and Tim Geithner loophole. Increase taxes for everybody else, but don't have it apply to you!