February 4, 2009

U.S. President adds eligibility cap to bailout

Per the New York Times, "President Obama announced on Wednesday a salary cap of $500,000 for top executives at companies that receive the largest amounts of money under the $700 billion federal bailout, calling the step an expression not only of fairness but of 'basic common sense.'"

It did not take long for American twitterers to weigh in.

@danibabb (Calif.): $500k exec pay cap from Obama 2day ABSURD. U think a REALLY GOOD CEO is going 2 work 4 half a mil a year? GOVT needs to stay out of private!

@anne_wilson (Cambridge, Mass.): Kudos, President Obama, on the executive salary cap. http://tinyurl.com/b6vp6l

@denniskuntz questioned whether Obama had the authority for such a move.

@denniskuntz (Charlotte, N.C.): Wait, where does it say Obama can cap exec salaries? Must be in here somewhere...right? *flips through Constitution* #tcot

The most retweeted voice on the subject was Tom Peters, an American writer on business management practices. Dozens retweeted his opinion, shortly after author @DanielPink posted a link to it.

@tvbarn (Kansas City, Mo.): Tom Peters supports Obama's salary cap: "The myth of the irreplaceable CEO is just that - myth." http://twurl.nl/j005ul - via @DanielPink

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