WASHINGTON: US President Barack Obama hinted that he would on Wednesday announce limits on pay for executives of finance firms that accept taxpayer bailouts, following a furore over big Wall Street bonuses last week.
Obama previewed an announcement in a series of television interviews, playing into public anger at elevated finance industry salaries at a time of deep economic crisis.
"One of the things that we're going to do tomorrow is talk about the need to control executive compensation for companies that are taking money from the federal government," Obama said in an interview with NBC.
"If the taxpayers are helping you, then you've got certain responsibilities to not be living high on the hog."
On CNN, Obama said it was important to "make sure that institutions that are taking taxpayer money are not using that money for excessive executive compensation."
"I think that when you see the announcement that we make, people will say this is a reasonable approach. It's not a government takeover."
On Thursday, Obama furiously rebuked Wall Street titans who raked in billions in bonuses while taxpayers bailed out their industry as "shameful" and guilty of acute "irresponsibility."
He said finance firm fat cats must sacrifice along with other Americans, as the country tries to dig itself out of a deep economic hole.
The president's ire was sparked when he read a newspaper article detailing the 18.4 billion dollars in bonuses collected by Wall Street firms last year, even as stock markets plunged and the economy slumped toward a recession.
"That is the height of irresponsibility. It is shameful, and part of what we are going to need is for the folks on Wall Street who are asking for help to show some restraint and show some discipline and show some sense of responsibility," Obama told reporters in the Oval Office.
"The American people understand that we have got a big hole we have got to dig ourselves out of but they don't like the idea that people are digging a bigger hole as they are being asked to fill it up."
A White House aide would only say that Obama had an "event" planned on executive compensation on Wednesday, but promised details later.
Source: http://timesofindia.indiatimes.com/World/US/Obama_hints_he_may_announce_pay_limits_for_bailout_executives_on_Wednesday/articleshow/4072986.cms
Obama previewed an announcement in a series of television interviews, playing into public anger at elevated finance industry salaries at a time of deep economic crisis.
"One of the things that we're going to do tomorrow is talk about the need to control executive compensation for companies that are taking money from the federal government," Obama said in an interview with NBC.
"If the taxpayers are helping you, then you've got certain responsibilities to not be living high on the hog."
On CNN, Obama said it was important to "make sure that institutions that are taking taxpayer money are not using that money for excessive executive compensation."
"I think that when you see the announcement that we make, people will say this is a reasonable approach. It's not a government takeover."
On Thursday, Obama furiously rebuked Wall Street titans who raked in billions in bonuses while taxpayers bailed out their industry as "shameful" and guilty of acute "irresponsibility."
He said finance firm fat cats must sacrifice along with other Americans, as the country tries to dig itself out of a deep economic hole.
The president's ire was sparked when he read a newspaper article detailing the 18.4 billion dollars in bonuses collected by Wall Street firms last year, even as stock markets plunged and the economy slumped toward a recession.
"That is the height of irresponsibility. It is shameful, and part of what we are going to need is for the folks on Wall Street who are asking for help to show some restraint and show some discipline and show some sense of responsibility," Obama told reporters in the Oval Office.
"The American people understand that we have got a big hole we have got to dig ourselves out of but they don't like the idea that people are digging a bigger hole as they are being asked to fill it up."
A White House aide would only say that Obama had an "event" planned on executive compensation on Wednesday, but promised details later.
Source: http://timesofindia.indiatimes.com/World/US/Obama_hints_he_may_announce_pay_limits_for_bailout_executives_on_Wednesday/articleshow/4072986.cms
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