Thursday, March 19, 2009

McCaskill: Congress Needs To Go Further on Salary Caps

"We figured out, we're going to have to go that far"
In the first installment of our interview, Sen. Claire McCaskill notes that she offered an executive compensation amendment during the economic stimulus debate that might have helped avoid the A.I.G. bonus controversy.
McCaskill contends that the compensation limits included in the stimulus just covered "the top people," and not entire divisions of a financial institution.
"Now we figured out, that we're going to have to go that far," McCaskill said. "For the big guys, we limited the top people and thought, that would be enough, not realizing that they were intent upon continuing down a path of giving bonuses to people who have failed."
Said she'll vote to tax the bonuses, but cautions the retroactive move is a "really limited circumstance."

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