"Legislators take up issue of executive pay"
The Atlanta Journal-Constitution published the following AP news story:
Lawmakers on Thursday addressed an issue that rankles company shareholders and the public alike --- executive pay and perks.
Rep. Barney Frank (D-Mass.) wants Congress to give shareholders a greater say over executive compensation.
"We've got a problem here," Rep. David Scott (D-Ga.) told the House Financial Services Committee. Lawmakers noted that Lee Raymond, former chairman of Exxon Mobil, got a retirement package of nearly $400 million.
Scott said that works out to more than $144,000 a day, while consumers pay over $3 a gallon for gasoline.
Countering Frank's proposal, Republicans said they have their own bill in the works: one that would rein in trial lawyers, perennial allies of Democrats.
Business interests also rejected Frank's proposal.
"We should not ruin our free-market system because of a few rogues," said Thomas Lehner of the Business Roundtable, a group representing CEOs of major companies.
