Here, I posted it on my webspace: http://projectkhalid.org/firstdraft.pdf
Any company from which these troubled assets are administered is limited to $500K executive compensation. The corporation will be unable to deduct any executive salary in excess of that. (page 33-38). Executives are described as CEO, CFO, and any one who is shown to be the “highest paid” employees on the SEC disclosure forms for that tax year. (So does this mean any employee, if he makes more that the $500K cap - if the CEO can’t go above the cap, then average employees who are above that would be considered “highest paid”?)
If this is significantly below the market of compensation for other executive positions, who is going to stay around to try to fix these companies? Why would anyone of stellar ability move to a CEO position in one of these banks to help restructure it and get it back on it’s feet?
I know many here hate CEO’s and CFO’s, but this limit seems to really hurt ailing companies by depriving them of the Jack Welch’s of the world to turn them around. Not a good provision for shareholders.
Thanks for putting that up......Stay safe !