Hagan backs limits on CEO pay

Submitted by ryanteaguebeckwith on February 4, 2009 - 11:49am.
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Sen. Kay Hagan is co-sponsoring an amendment that would limit the pay of CEOs whose companies are receiving federal bailout money to the salary of the U.S. president.

Hagan said top executives receiving money from the bailout were receiving an average of $2.6 million in salary and bonuses, Rob Christensen reports.

"This is a slap in the face to millions of Americans who can’t understand why the same companies who sought out taxpayer dollars to bail them out were in turn paying their top executives more money than many folks will make in a lifetime," Hagan said in a statement. "It's unacceptable, it's unconscionable, and by co-sponsoring this measure, I'm joining the chorus of Americans who have said, 'Enough.'"

Hagan joined with Senators Claire McCaskill of Missouri, Bernie Sanders of Vermont and Tom Harkin of Iowa to sponsor the amendment to the Senate’s economic recovery package.

The president makes $400,000 per year.

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Re: Hagan backs limits on CEO pay

Submitted by UKNOWME on February 4, 2009 - 1:50pm.

She was terrible in Raleigh and she is already terrible in Washington. God help us all!

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Re: Hagan backs limits on CEO pay

Submitted by CitizenOpinionated on February 4, 2009 - 1:13pm.

She has been a hypocrite since she arrived in DC. Great post!

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Re: Hagan backs limits on CEO pay

Submitted by woodcox on February 4, 2009 - 12:50pm.

Spare me, Senator Hypocrisy.

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Re: Hagan backs limits on CEO pay

Submitted by CitizenOpinionated on February 4, 2009 - 12:14pm.

In my opinion, Kay Hagan is shaping up to be a disgrace to the office of U.S. Senator from North Carolina.

We are in the middle of economic recession and the companies seeking bailout money are attempting to right their proverbial ship. If the executives of these companies enable the companies to attain prosperity and growth, then they should be rewarded.

Think about this...if you were a top notch executive, why would you work for a company that has received bailout money, if congressional leaders, such as Kay Hagan, who at one point benefited from these "evil" executive compensation packages, are the one determining whether or not you earned your salary, bonuses and other payment options.

Congress is merely limiting the ability of these companies to recruit the best of the best in executives to help them grow as a company again. There are many other avenues to hold these companies accountable and the executives. Public opinion has been a strong factor thus far, but giving Congress the ability to govern in the board rooms of these private companies is scary. Especially since we need these companies to get their acts together in order to help the economy recover.

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