President Obama caps Wall Street executives pay tied to bailout money.

With the US and much of the world in a deep recession,  perhaps  an economic depression, President Obama today ordered a cap on the pay of Wall Street executives working at banks and financial instutions that are receiving bailout money by the US government.  The ‘poor’ senior executives of these firms can now only make $500,000 a year as their top compensation due to the new restrictions imposed by the US Tresury.  This move comes after the American people were outraged that last year Wall Street handed out over $18 billion in bonuses to its employees as losses by these same firms required the US government to jump in and bail them out with a $700 billion financial industry bailout Congress created towards the end of 2008. Due to the economic situation in the US, it is high time that the leaders of these institutions that have been primarily responsible for much of the financial meltdown be held responsible and at the very least abstain from excessive payouts during this crisis. It is well understood that many conflicts around the world have deep socio-economic roots to them and the fixing of the global economy needs to begin where the worldwide meltdown started and that is at the heart of Wall Street in the USA.  We at Pakistanis for Peace commend President Obama in making the right decision on this matter and hope that his further efforts will help end this deep economic meltdown that the US and much of the world is experiencing.

This Finanical News Reported by Manzer Munir for www.Pakistanisforpeace.com

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