Chuck Grassley: “We need the answers to these questions, and the answers are not easy to get. We got some answers in June, but not the…”

“We need the answers to these questions, and the answers are not easy to get. We got some answers in June, but not the answers that we expected, Mr. President. The General Accounting Office reports the caps are having ``no significant effect on limiting executive compensation.'' The General Accounting Office did take a close look at one company, McDonnell Douglas. The top executives at McDonnell Douglas got $33 million over and above the $250,000 cap that is in law. That is, of course, all from the U.S. Treasury and all for 1 year. Only $313,000 of the McDonnell Douglas executive pay--that is less than 1 percent--was blocked or affected by the cap.”