Oh, you thought the evil $400,000 cap was history, right? You thought it was going to be limited in scope, and only in the amount of $500,000 this time right? You thought stock wasn't going to be included, right? Wrong.
SEC. 6012. LIMIT ON EXECUTIVE COMPENSATION.
(a) IN GENERAL.--Notwithstanding any other provision of law or agreement to the contrary, no person who is an officer, director, executive, or other employee of a financial institution or other entity that receives or has received funds under the Troubled Asset Relief Program (or ''TARP''), established under section 101 of the Emergency Economic Stabilization Act of 2008, may receive annual compensation in excess of the amount of compensation paid to the President of the United States.
SEC. 6014. COMPENSATION.
As used in this subtitle, the term ''compensation'' includes wages, salary, deferred compensation, retirement contributions, options, bonuses, property, and any other form of compensation or bonus that the Secretary of the Treasury determines is appropriate.
SEC. 6006. REVIEW OF PRIOR PAYMENTS TO EXECUTIVES.
(a) IN GENERAL.--The Secretary shall review bonuses, retention awards, and other compensation paid to employees of each entity receiving TARP assistance before the date of enactment of this Act to determine whether any such payments were excessive, inconsistent with the purposes of this Act or the TARP, or otherwise contrary to the public interest.
(b) NEGOTIATIONS FOR REIMBURSEMENT.--If the Secretary makes a determination described in subsection (a), the Secretary shall seek to negotiate with the TARP recipient and the subject employee for appropriate reimbursements to the Federal Government with respect to compensation or bonuses.
(c) DEFINITIONS.--As used in this section, the following definitions shall apply:
(A) IN GENERAL.--The term ''excessive bonus'' means the portion of the applicable bonus payments made to a covered individual in excess of $100,000.
Cliff notes: You won't get over $400,000. Period. If you were paid a bonus over $100,000 you might be giving it back to the Treasury. Interestingly, I can't find a provision that defines how far back they can look.
That's ok, however. You can probably apply to Obama for mortgage assistance.
Update: Be aware, this is the Senate Bill's draft text, not the text of the bill that will weigh down the President's desk. What comes out of further negotiations is anyone's guess.
Senate Draft Bill.pdf