Business groups are daring President Barack Obama to impose pay caps on labor union bosses in light of indications the White House will limit how much corporate executives can be paid.
President Obama has argued “corporate greed” has contributed to the economic crisis and appointed a “compensation czar” to review executive pay for several companies receiving taxpayer bailout money Wednesday. Now White House officials have told the press legislation should be enacted to limit executive pay in private companies through nonbinding shareholders votes.
Some American Trade Union leaders may be paid a lot, but to even suggest that such people have engaged in wholesale theft, in the manner of much of the corporate elite in the banking sector, is hilarious.
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