Exec Pay Limits - What has really changed?

Politicians are very clever. They create loopholes all the time, such that it seems it is the order rather than the exception. To wit:

Congress Strengthens Exec Pay Limits - Presidential Politics | Political News - FOXNews.com:

"The stimulus bill, however, sets executive bonus limits on all banks that receive infusions from the government's $700 billion financial rescue fund. The number of executives affected depends on the amount of government assistance they receive. But as a rule, top executives will be prohibited from getting bonuses or incentives except as restricted stock that vests only after bailout funds are repaid and that is no greater than one-third of the executive's annual compensation.

The prohibition would not apply to bonuses that are spelled out in an executive's contract signed before Feb. 11, 2009."

So if the existing execs pay is grandfathered in as it is written in their contracts, aren't they still free to receive huge salaries and ginormous bonuses, irrespective of what congress or the president says?

Right. We're being fed a load of it again.