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Obama sets salary cap for bailout companies: US official
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 Govt funds to stabilize their businesses, an administration official said.
Updated on: Feb 4, 2009, 11:04:04 IST
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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.
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