Congress' hypocrisy on executive pay


Congress has taken some draconian steps to clamp down on excessive and undeserved pay at companies receiving bailout money.

CNN reports that "the Pay for Performance Act of 2009, which passed by a vote of 247-171, would empower Treasury Secretary Timothy Geithner to define what constitutes reasonable compensation, as well as to ban bonuses not based on performance standards. Geithner's guidelines would apply to companies receiving assistance from the government's Troubled Asset Relief Program, or TARP."