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Top U.S. lawmakers warn on pay at bailed-out firms
WASHINGTON |
WASHINGTON (Reuters) - Two leading U.S. lawmakers warned on Wednesday of signs that companies bailed out by taxpayers were resuming risky pay practices and urged the Obama administration to act on limiting bonuses.
"Guaranteed bonuses clearly violate the basic principles of accountability and taxpayer protections set forth by Congress" in recent legislation, said House of Representatives Speaker Nancy Pelosi and Representative Barney Frank, both Democrats.
In an August 12 letter to U.S. Treasury Secretary Timothy Geithner, the lawmakers urged limits on bonuses for executives at companies that got assistance from taxpayers.
(Reporting by Kevin Drawbaugh; Editing by Dan Grebler)
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