Democratic presidential candidate Barack Obama said US corporate chiefs make more money in one day than their workers make in one year.
Barack Obama said the legislation needs to be approved immediately but later acknowledged that getting the bill moving quickly in the Senate could face obstacles.
By: Kristin Turner
Apr 11, 2008, 2:57 PM EDT
In an effort to convert middle-class anger about the US economy into votes, Senator Obama has targeted the multimillion dollar pay practices at the highest levels of corporate America. "Some CEOs make more in one day than their workers make in one year," Obama said. Barack Obama, who is leading Clinton in national polls, is behind her in Pennsylvania, the next major test for her struggling campaign. Corporate America has been an easy target for politicians as voters have unease from the mortgage and credit crises that have the US economy teetering on the brink of recession.
Democratic presidential rival Hillary Clinton and Republican presidential candidate John McCain have also criticized big payouts for chief executive officers who benefit hugely even when their companies are struggling. "We've seen what happens when CEOs are paid for doing a job no matter how bad a job they're doing. We can't afford to postpone reform any longer," Obama said. The Illinois senator has introduced "say-on-pay" legislation that would give investors more of a voice in setting executive compensation packages. Obama said the legislation needs to be approved immediately but later acknowledged that getting the bill moving quickly in the Senate could face obstacles. Source: NewsOXY.com Barack Obama Vows Higher Taxes for CEOs
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