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THURSDAY, NOVEMBER 26, 2009
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Cuomo Wants to Link Wall St. Pay to Performance

'Heads I win, tails I break even' must stop

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(Newser) – New York’s attorney general is teaming with Washington lawmakers to develop a plan to link Wall Street pay to long-term company performance, the Wall Street Journal reports. Details are skimpy, but Andrew Cuomo is looking into spreading cash and stock payments over several years so that if firms do poorly, executives' compensation can be cut accordingly.

“We plan to put laws into effect, no question," said Rep. Barney Frank. "We have to address this 'heads I win, tails I break even' issue.” A Cuomo aide says he's mindful of meddling too much in the private sector but that change is necessary. He is mindful of "unintended consequences of compensation reform," says the aide.

House Financial Services Committee Chairman Rep. Barney Frank, D-Mass. goes over his notes on Capitol Hill.
House Financial Services Committee Chairman Rep. Barney Frank, D-Mass. goes over his notes on Capitol Hill.   (AP Photo/Lawrence Jackson)
New York Attorney General Andrew Cuomo announces an arrest last month.
New York Attorney General Andrew Cuomo announces an arrest last month.   (AP Photo/ Louis Lanzano)
In this 2008 file photo, New York State Attorney General Andrew Cuomo listens to a question at a news conference.
In this 2008 file photo, New York State Attorney General Andrew Cuomo listens to a question at a news conference.   (AP Photo/Craig Ruttle, file)
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TerrifiedCitizen
Mar 13, 09 6:49 AM CDT
How about Cuomo links prison time with white collar crime... that'll correct the other. Reply
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