Obama caps exec pay tied to bailout money

February 4, 2009 8:21:06 AM PST
President Barack Obama is imposing a $500,000 pay cap on some senior executives whose firms receive government financial rescue money. Obama said the lavish bonuses for some Wall Street executives was "shameful." The president described the new restrictions Wednesday.

He bemoaned a "culture of narrow self-interest and short-term gain."

The move comes amid a national outcry over extravagant bonuses for executives heading companies seeking taxpayer dollars to remain solvent.

He was scheduled to formally announce the plan at a White House appearance with Treasury Secretary Timothy Geithner.

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