Alderman calls for Chicago exec salary caps

October 8, 2008 4:50:58 PM PDT
A new ordinance could force some Wall Street firms to limit pay for their top executives if they want to do business in Chicago. Alderman Edward Burke introduced the proposed legislation Wednesday at City Hall. It targets financial institutions that get help from the federal government's massive rescue plan.

The legislation calls for a $400,000 pay cap for the companies' executives. Alderman Burke of the 14th Ward says an ordinance could have an influence in Washington.

"Those Gucci-gulch lobbyists, the ones that are wearing the Armani suits and the Gucci ties and the Gucci loafers, will make sure that these folks from Wall Street will never get hurt. They'll figure out a loophole, but maybe we can send a message from the great American heartland," Burke said.

The Chicago City Council Committee on Finance is now considering the measure.


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