Obama Now Planning to Cut Basically Everyone’s Pay

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"The Obama administration has begun serious talks about how it can change compensation practices across the financial-services industry, including at companies that did not receive federal bailout money, according to people familiar with the matter .... In an indication of how broad the effort may become, Federal Deposit Insurance Corp. Chairman Sheila Bair said regulators need to examine compensation practices in the mortgage industry, suggesting new limits could stretch beyond banks." Gulp.

U.S. Eyes Bank Pay Overhaul [WSJ]