Chicago Alderman Burke Calls for Chicago exec salary caps

ABC TV Chicago reports on powerful Chicago Alderman Burke:

A new ordinance could force some Wall Street firms to limit pay for their top executives if they want to do business in Chicago.

Alderman Edward Burke introduced the proposed legislation Wednesday at City Hall. It targets financial institutions that get help from the federal government's massive rescue plan.

The legislation calls for a $400,000 pay cap for the companies' executives. Alderman Burke of the 14th Ward says an ordinance could have an influence in Washington.

"Those Gucci-gulch lobbyists, the ones that are wearing the Armani suits and the Gucci ties and the Gucci loafers, will make sure that these folks from Wall Street will never get hurt. They'll figure out a loophole, but maybe we can send a message from the great American heartland," Burke said.

This is the same Alderman Burke who tried to cut Tony Rezko's taxes.This is also the same Alderman Burke who feels "made members" of the Chicago Mob can be committed public servants.No word yet on whether Alderman Burke is going to accept a cap on campaign contributions since he never has a serious opponent.Also,no word yet on Alderman Burke holding hearings on the Hired Truck Scandal.