Obama caps exec pay tied to bailout money

WASHINGTON 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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