Statement From Attorney General Andrew Cuomo Regarding President Obama's Proposed Salary Cap On Executive Pay
"I applaud President Obama for focusing attention on the fact that our country has entered a new economic era and that corporate behavior must change accordingly. The President's decision to address the complex but crucial question of executive bonuses is more than justified - it is essential. Since last Fall, my Office has been investigating executive bonuses at TARP recipient institutions. In some cases, the abuses we have found have been breathtaking and egregious; big banks with huge losses doling out millions in bonuses after receiving taxpayer funds. I look forward to partnering with the new Administration to ensure that Wall Street abides by a new code of corporate responsibility that protects taxpayers."