KANSAS CITY, MO. (AP) -- Sen. Claire McCaskill chastised Wall Street executives who gave out $18.4 billion in bonuses while accepting a federal bailout and proposed limits on some of their salaries.
McCaskill's proposal would force companies taking federal bailout money to limit compensation for any employee to $400,000 a year. The compensation cap would cover salary, bonuses and stock options.
This week's estimate of $18.4 billion in bonuses for Wall Street executives came from the New York state comptroller, who could not estimate how much of that money - if any - came from taxpayers. Critics call McCaskill's plan shortsighted and say some of the bailout money also includes more modest bonuses for workers from human resources representatives to secretaries.
Many of the bonuses were also contractually guaranteed before the banks' troubles escalated.
(Copyright ©2009 by The Associated Press. All Rights Reserved.)
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