Business Update: High-end pay cap

February 04, 2009

The Obama Administration unveiled its plan to cap executive pay at $500,000 for any company receiving government funds from the TARP. On Wall Street, the Dow fell 121 points to 7,956. The S&P 500 lost 6 points to 832. The Nasdaq gave up a point to 1,515. SPEAKER: John Challenger, CEO, Challenger, Gray & Christmas Conway Gittens reports from New York.