Bye Bye, Big Bonuses

Wall Street tycoons might not be able to bank on the cushy bonuses they saw in 2008. The House approved a measure on Friday to limit executive pay, capitalizing on recent anger over multimillion-dollar bonuses given to finance executives whose firms were bailed out by taxpayers. The measure applies to any firm with more than $1 billion in assets, and allows regulators "ban risky incentive-based pay" that could negatively affect the financial system, The New York Times reports. It would also allow shareholders to vote on executive pay. “What we’ve seen on Wall Street in the last many years is turning that concept of pay for performance on its head,” said Democratic Representative Chris Van Hollen. The Senate will take up a similar measure when it reconvenes in September, following its August recess.