October 31, 2008
Bank Bailout Compensation Limit Problems
The bank bailout bill bans severance payments to bank executives over 3 time salary and puts vague limits on salary. Yet the banks covered are under a contractual obligation for "billions" to their executives. See "Banks Owe Billion to Executives," by Ellen Schultz in the Wall Street Journal. Can the government force banks to breach compensation agreements? What legal rights are retained by executives with breached compensation agreements?
October 31, 2008 | Permalink
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