Administration to Reform Executive Pay

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The Obama Administration and some Democrats in congress are trying to rein in hefty executive compensation packages.

But the Administration insists it doesn't exactly want to dictate how corporations reward their top people.

"For top executives to award themselves these kinds of compensation packages in the midst of this economic crisis is not only in bad taste - it's a bad strategy - and I will not tolerate it as president," said Obama.

"This is a huge watershed step towards government involvement in the private sector," said Scott Talbott, Senior Vice President of Government Affairs at The Financial Services Roundtable.

Some Democratic lawmakers say the Obama Administration's approach to reducing executive compensation doesn't go far enough.
    
One congressman is proposing that instead of giving sharholders a nonbinding voice on pay, their votes should be binding on the boards of directors.

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