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executive pay

Let them eat French Toast

I have a question.   It emerged after reading the two paragraphs below while waiting for French Toast "delux" in a diner.  There was nothing else to do but read the Washington Post  (Apr. 4, 2009)

"The Obama administration is engineering its new bailout initiatives in a way that it believes will allow firms benefiting from the programs to avoid restrictions imposed by Congress, including limits on lavish executive pay, according to government officials.

"Administration officials have concluded that this approach is vital for persuading firms to participate in programs funded by the $700 billion financial rescue package."

So here's my question, when did it become necessary to persuade people to accept a bailout?