Wall Street Pay Cuts? White House Plan Has Loopholes

by Rich Blake, ABC News

The details of the Obama administration’s efforts to curb excessive compensation on Wall Street emerged Thursday, with dual announcements from pay czar Kenneth Feinberg and the Federal Reserve Board. And while the potential loopholes do not appear large enough to drive the proverbial armored truck through, the securities industry is already set on finding ways to continue to pay traders and investment bankers exceptionally well, by any measure.

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US bankers cash in despite phony pay restraint

by Patrick Martin, WSWS

The executive pay regulations announced Thursday by the Obama administration’s “pay czar” and the Federal Reserve represent a cynical attempt to placate public outrage over Wall Street bonuses while allowing the financial speculators to continue awarding themselves multi-million-dollar compensation packages.

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