Wall Street Pay Cuts Stoke Debate About Washington’s Reach

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Published in Bloomberg October 22, 2009 by Julianna Goldman, Ian Katz and Robert Schmidt
The Obama administration slammed Wall Street by ordering pay cuts by an average of 50 percent and caps on benefits for top executives at companies owing the government billions of dollars from taxpayer-funded bailouts.
The news triggered debate about the government’s reach into private industry, whether pay reductions would spread to other companies and if a talent drain from U.S. firms would ensue. Others cheered the move.

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