Today's Focus: Madoff, Stimulus, Executive Compensation
Today, we'll watch for Wall Street's reaction to the startling news in The Washington Post that the Senate does not have the votes to pass the stimulus bill and will have to make significant cuts in order to get more bipartisan support. Wall Street had been factoring in passage of the bill, but this latest development calls in question the timing of its impact, if it does get passed.
Also, we'll get another peek into the controversy over the Bernie Madoff alleged Ponzi scheme in Washington. A hearing today will feature Harry Markopolos as its star witness, a man who said he warned the Securities and Exchange Commission for years about Madoff.
But today's big news will come from an announcement expected by the White House today about executive compensation and new rules the administration wants to put in place to ensure that CEO pay and bonuses don't get out of hand for those companies receiving government aid. Several reports this morning say the Obama administration plans to curb executive salaries to $500,000 and no bonuses for certain firms.
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