President Obama to Bank Execs: You Guys Are Like Overpaid Pitchers — and You Didn’t Win the World Series

Dec 14, 2009 6:43pm

A White House official tells ABC News that on the subject of executive compensation, President Obama told bank executives today, “you guys are like overpaid pitchers on a team doing poorly. The concern is less when your team is successful – but you guys didn’t win the World Series this year.”

Executives said they knew this was a “problem,” and were working on ways to address that issue, such as enacting “say on pay” rules which would allow shareholders a non-binding vote on their compensation, and bonuses made up more from stock in the company than from cash.

-jpt

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