Germany approves bailout

[halfnote19_IHB]

Business Week

The German Cabinet on Monday approved terms that banks will have to accept in order to benefit from its euro480 billion ($645 billion) bailout plan -- including a salary cap of euro500,000 ($670,200) for top bank managers.

You know what many of the banks are now saying?

Leaders of Germany's largest commercial banks said this weekend that they would not immediately seek money on those terms.

 

[upperlowerclass_IHB]

Haha what did they expect!?! The people making the decisions at the banks are the ones that would get the pay cut... hilarious!