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Obama sets salary cap for bailout companies: US official

business Updated: Feb 04, 2009 11:04 IST

Reuters
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US President Barack Obama will set a $500,000 a year cap on executive pay going forward for banks and other companies that take US government funds to stabilize their businesses, an administration official said on Tuesday.

The president's announcement, to be made on Wednesday, will kick off a long term effort to reform executive compensation rules, the official said.