“This is America. We don’t disparage wealth. We don’t begrudge anybody for achieving success. And we believe that success should be rewarded. But what gets people upset – and rightfully so – are executives being rewarded for failure. Especially when those rewards are subsidized by U.S. taxpayers.”
On this date in 2009, President Obama imposed caps of $500,000 on senior executive pay for the most distressed financial institutions receiving federal bailout money.