Statement From New York Attorney General Andrew Cuomo Regarding President Obama's Proposed Salary Cap On Executive Pay

"I applaud President Obama for focusing attention on the fact that our country has entered a new economic era and that corporate behavior must change accordingly. The President's decision to address the complex but crucial question of executive bonuses is more than justified - it is essential. Since last Fall, my Office has been investigating executive bonuses at TARP recipient institutions. In some cases, the abuses we have found have been breathtaking and egregious; big banks with huge losses doling out millions in bonuses after receiving taxpayer funds. I look forward to partnering with the new Administration to ensure that Wall Street abides by a new code of corporate responsibility that protects taxpayers."