"Geithner May Have Little Leeway on Executive Compensation Rules"

Bloomberg - February 20, 2009

SULLIVAN & CROMWELL LLP Partner Max Schwartz was quoted in an article on how the Treasury Department will have little leeway to dilute the executive pay rules enacted by Congress for banks getting federal aid. Mr. Schwartz noted that "[w]e are going to have to learn to live with these rules, and it's not going to be pretty." He also warned that the rules may "sever the link between pay and performance" for Wall Street executives, and could force an exodus "of the people who are most capable of turning the situation around."