Special Report: Global Financial Crisis
Special Report: Barack Obama: The 44th U.S. President
BEIJING, Feb. 5 -- US President Barack Obama is imposing a
500-thousand US dollar cap on executive pay for firms that take government
bailout money.
The announcement comes amid a national outcry over
huge bonuses going to executives.
Obama announced dramatic new government intervention
into corporate America on Wednesday, urging executives at firms getting taxpayer
bailouts to take responsibility.
Barack Obama, US President, said, "As part of the
reforms we are announcing today, top executives at firms receiving extraordinary
help from US taxpayers will have their compensation capped at 500-thousand
dollars - a fraction of the salaries that have been reported recently. And if
these executives receive any additional compensation it will come in the form of
stock that can't be paid up until taxpayers are paid back for their assistance."
The desire for limits was reinforced by reports that
Wall Street firms paid more than 18 billion US dollars in bonuses in 2008,
despite the economic down turn.
The White House aims to hold banking executives
accountable for the government money they receive, presenting the new rules as
being in the interest of shareholders and taxpayers alike.
The new rule would be far tougher than any
restrictions imposed during the Bush administration, and it could force
executives to accept deep reductions in their current pay.
(Source: CCTV.com)
Obama urges quick passage of stimulus
plan as Democrats likely to compromise
WASHINGTON, Feb. 4 (Xinhua) -- U.S. President
Barack Obama's Wednesday urged the Congress to quickly approve his massive
stimulus package as Senate Democrats were likely to make compromise to gain GOP
support.
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U.S. President Barack Obama (R) delivers
remarks about executive compensation as Treasury Secretary Timothy
Geithner looks on at the White House in Washington Feb. 4, 2009.
(Xinhua/Zhang Yan)
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"No plan is perfect, and we should work to make it
stronger," said Obama, referring to the over 800 billion dollar stimulus plan
which was aimed to save the U.S. sagging economy. Full story
confidence that in our country we do the right
thing."
Obama imposes $500,000 cap on
executive pay in bailouts
WASHINGTON, Feb. 4 (Xinhua) -- The Obama
administration on Wednesday imposed a pay cap of 500,000 U.S. dollars for top
executives at companies that receive the government bailout money to weather the
current financial crisis.
The new rule came out amid rising public fury about
huge pay packages for executives at financial companies being propped up by
federal tax dollars. Full story
19 U.S. governors support economic
recovery act
LOS ANGELES, Feb. 3 (Xinhua) -- California Governor
Arnold Schwarzenegger joined 18 other governors on Tuesday in voicing support
for the American Recovery and Reinvestment Act.
"We are writing to express our support for the
American Recovery and Reinvestment Act (ARRA), which passed last week in the
House and is under consideration currently in the Senate," the governors said in
a letter to President Barak Obama. Full story
Obama pushes stimulus plan forth as
Senate debate continues
WASHINGTON, Feb. 3 (Xinhua) -- U.S. President Barack
Obama worked hard to push his massive stimulus plan forward on Tuesday as the
Senate continued the debate on the over 800 billion U.S. dollar spending
bill.
One day after expressing optimism that action on the
massive plan will be finalized soon, Obama Tuesday accepted interviews with all
five major U.S. television news outlets -- ABC, CBS, NBC, CNN and Fox News, a
move to seek public support. Full story
Obama says stimulus plan should not
send protectionist message
WASHINGTON, Feb. 3 (Xinhua) -- U.S. President Barack
Obama said Tuesday that the United States cannot send a protectionist message to
the rest of the world.
He cautioned Congress that any protectionist
provisions that could trigger a trade war should not be included in the final
version of the economic stimulus plan. Full story
Obama nominates Republican senator as
Commerce Secretary
WASHINGTON, Feb. 3 (Xinhua) -- U.S. President Barack
Obama on Tuesday nominated Republican Senator Judd Gregg as commerce secretary
in his cabinet.
If confirmed, Gregg, a senator from New Hampshire in
his third term, will become the third Republican Obama enrolled in his cabinet,
following Defense Secretary Robert Gates and Transportation Secretary Ray
LaHood. Full story
U.S. House passes Obama's economic
stimulus plan
WASHINGTON, Jan. 28 (Xinhua) -- The
Democratic-controlled U.S. House of Representatives on Wednesday approved
President Barack Obama's 819-billion-dollar economic stimulus plan, which melds
new spending and tax cuts to jump-start the economy.
The House measure combines roughly 275 billion
dollars in temporary tax cuts for both individuals and businesses along with
about 544 billion dollars for job-creating investment projects, health industry
improvements, expanded aid for the poor and unemployed, and improving
education. Full story
