Pay cuts are common for businesspeople moving into public service. But few are on the scale accepted by Henry Paulson, US president George Bush’s nominee as US Treasury Secretary.
Last year, Paulson’s compensation package as chairman and chief executive of Goldman Sachs totalled more than $38 million.
He will earn $183,500 as Treasury Secretary if, as expected, his appointment is confirmed by the Senate. The loss of earnings should not come as...
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