The New York Times, Room for Debate, February 5, 2009 by Jesse Fried
http://roomfordebate.blogs.nytimes.com/2009/02/04/the-effects-of-capping-pay/
Boards’ fear of shareholder and Congressional outrage is likely to prevent them from increasing executive pay at bailed-out banks…. But the Treasury’s guidelines may not reduce the compensation of these bank chief executives, either. Bailed-out banks are likely to simply replace current sizeable compensation packages with restricted stock of similar value. And several years from now, if all goes according to plan, these executives will walk away with tens of millions of dollars.