He maintains they won't be capping your asses, but you should probably still gird those loins.
Treasury Secretary Timothy Geithner called for major changes in compensation practices at financial companies and said the Obama administration's plan to help realign pay with performance will be rolled out by mid-June.
"I don't think we can go back to the way it was," Geithner said in an interview on Bloomberg Television's "Political Capital with Al Hunt," to be aired tonight and over the weekend. "We're going to need to see very, very substantial change."
He said that Wall Street's pay practices, which include big year-end bonuses, encouraged excessive risk-taking and helped precipitate the financial crisis. What's needed is a set of broad standards that financial supervisors can use to make sure that doesn't happen again, he said.
The administration's pay plan would be part of a proposed comprehensive overhaul of financial regulation aimed at both protecting consumers and reducing vulnerability to crises. Geithner has previously ruled out setting specific caps on pay and declined to infringe compensation contracts already agreed.