Treasury Secretary Hank Paulson announced today that he has discarded his opposition to an executive-compensation cap in the bailout. “The American people are angry about executive compensation, and rightfully so,” he said during a hearing with co-captain Ben Bernanke at the House Financial Services Committee. (Clearly, he had read our post on the matter.) “Many of you cite this as a serious problem, and I agree," he went on. "We must find a way to address this in legislation, without undermining the effectiveness of the program." This is a major concession for Paulson, who believes that capping pay will make executives less inclined to take the bailout and ultimately limit the plan's reach. Plus, it opens up a whole new rabbit hole of conversation with lawmakers that will make the proceedings drag on even longer: How are they going to go about this capping of salaries? By allotting a dollar amount? Requiring shareholder approval for raises? Stipulating “claw backs” (making executives give back bonuses and severance when their bets fail)? Truth be told, we almost feel bad for the guy, even though he has $38 million of his own from working at Goldman Sachs. He already has to put up with a bunch of people who literally have no idea what this actually means, including the fucking president, and he hasn't once lost his shit and been like,"You have NO IDEA how bad it is out there — NO IDEA." How annoying is it going to be for him to explain what a fair salary on Wall Street is to the senator from Kentucky? It's a good thing he has Bernanke to hold onto at night.
Latest News from Daily IntelligencerSoon You May Be Able to Hop a Ferry to Cuba
The Obama administration approved plans to reinstate service for the first time since the early '60s.Hillary Makes an Early Play to Win Over Hispanic Voters
She said when her GOP rivals “talk about legal status, that is code for second-class status.”Prosecutor in Eric Garner Case Is Staten Island’s New Congressman
Voters found a less controversial candidate to replace Michael Grimm.All Bets Are Off in Britain’s Messy Election
With Conservatives and Labour neck-and-neck, David Cameron and Ed Miliband have entered desperation mode.
And to prove that point, his lawyer wants access to Gray’s knife.Etan Patz Jury Says It’s Deadlocked Again; Judge Tells Them to Keep Deliberating
This time, both the prosecution and the defense objected.A Brief History of Jim Dolan Standing by Isiah Thomas
The unpopular former Knicks executive has been hired to run the Liberty of the WNBA.Lindsey Graham Casts Aspersions on Definite Article
"Everything that starts with 'Al' in the Middle East is bad news."Loretta Lynch Meets Freddie Gray’s Family
“This is a flashpoint situation. We lost a young man’s life, and it begins to represent so many things.’’Pentagon Assures Texas That It Has No Plans to Take Over the State
"We are not taking over anything."
Comparing the two is "nonsense," its film critic says.D.A.R.E. Accidentally Republishes Fake News Story Warning of ‘Marijuana Flintstones Vitamins’
The anti-drug organization apparently didn't realize the story was fake.Surprising No One, Mike Huckabee Announces His 2016 Presidential Bid
A roundup of what Twitter thought of the former Arkansas governor's announcement speech.How Republicans Learned to Love Colleges
All it took was Obama trying to reform student loans.Jeb Bush Wishes Us All a Happy Cinco de Mayo
Cinco de Mayo is an honorable holiday where we celebrate our Mexican neighbors through offensive cultural appropriation.Hedge-Fund Managers Highly Compensated for Totally Average Performance
In 2014, the top 25 managers made $11.62 billion in compensation.ISIS Claims Responsibility for Texas Exhibit Attack
It's unclear whether the group is actually responsible, or just claiming to be for propaganda purposes.Soon-to-be Retirees President Obama and David Letterman Make Plans to Go to Starbucks and Swap Stories
The president makes his final stop on the Late Show.De Blasio Accidentally CC’s New York Times Reporter on Email Complaining About MTA Delays
Mayors: They're just like us!Droga5 and the Art of the Sell, A Half-Century After Mad Men
It wants to be the consummate modern advertising agency. Don Draper would approve.
Announcementpalooza 2016 is upon us.Bigoted Blogger or Free-Speech Crusader? What You Need to Know About Pamela Geller
She says the shooting at her Muhammad art show proves her warnings about the “Islamization of America” were right.New Details Emerge About Texas Gunmen, Adding Fuel to Free-Speech Debate
They were reportedly encouraged online by American extremist Mujahid Miski.The McIdentity Crisis
What's McDonald's to do in the era of In-N-Out, Chipotle, Starbucks, Five Guys, Shake Shack, Panera, Potbelly's, and Chop't?Dave Goldberg, CEO and Sheryl Sandberg’s Husband, Dies of Head Trauma [Updated]
He was 47.President Obama: ‘There Are Consequences to Indifference’
"The future will be in good hands as long as we are giving them the love and the support that they need."Tsarnaev Finally Breaks, and Sheds a Tear As His Relatives Testify
It was the first time the defendant has shown any emotion in court.Criticism of ‘Mass Incarceration’ Makes Mitt Romney Angry, Confused
Most recent Republican candidate does not know what this term means, but he has strong opinions on it anyway.Half-Naked Man Dunks Himself
It took almost a dozen officers to retrieve the man from the basketball hoop.Rich People Feel Ignored by de Blasios, Write Them Off As ‘Socially Irrelevant’
“They have made themselves socially irrelevant. It is a major shortcoming not to mingle with all classes.”
Residents appear to be suffering from a mysterious condition known as "Winter Amnesia."The NYPD Officer Shot in Queens Last Weekend Has Died
The family of NYPD officer Brian Moore took him off life support this morning, according to a report from the New York Post.After Dean Skelos’s Arrest, What’s Next for Albany?
The Republican majority leader of the State Senate was the latest politician to fall in U.S. Attorney's Preet Bharara's capitol purge.Two Former Christie Aides Plead Not Guilty to Bridgegate Charges
The trial for Bridget Kelly and Bill Baroni is set for July 7.Dean Skelos and Son Taken Into Custody for Federal Corruption Charges
The charges include conspiracy, extortion, and bribery.New York State Police Shackle ‘Combative’ 5-Year-Old’s Hands and Feet
Troopers said they were forced to handcuff the child for their own safety.New York Magazine Competition No. 47: Pointless Proverbs
The latest installment of our game.New York State Senator Who’s Allergic to Cats Introduces Bill to Ban Declawing Them
If the bill passes, New York will be the first state to outlaw declawing a cat.Bill Clinton Wants Everyone to Chill Out About the Clinton Foundation
"I don't think that I did anything that was against the interest of the United States."Another Week, Another Handful of New Republican Presidential Candidates
Carly Fiorina joins the 2016 presidential field, and more are scheduled to join her later in the week.
Feel the hatred.One Suspect Who Opened Fire at Muhammad Cartoon Exhibit Identified
Police say Elton Simpson is one of the men who opened fire Sunday night at the exhibit in Garland, Texas.Hillary Will Call Your Mom for You on Mother’s Day
No donation necessary!NYPD Officer’s Shooting Changes the Debate Over ‘Broken Windows’ Policing
The attack on Brian Moore occurred at a fraught moment in the argument about what’s necessary to keep the city safe.
They wounded a security officer before being gunned down by police.Dr. Ben Carson Accidentally Announces He’s Running for President
He confirmed his candidacy in a taped TV interview meant to air after his kickoff event on Monday.Enjoy Winning While You Can, Mets Fans
In very short order, New York will be the Yankees’ town again.Baltimore Ends Curfew As National Guard Prepares to Leave
"It's going to take a little while for us to get totally back to normal."At Least 5,800 Migrants Rescued in the Mediterranean Sea
It seems European authorities have stepped up their efforts to prevent disasters like the April shipwreck in which more than 800 people died.
He's been charged with attempted murder.