Raw Video: President Obama to limit executive pay
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President Obama limits executive pay.
Raw footage of President obama talking about limiting pay for Wall Street executives.
NBC
President Barack Obama talks about limiting pay for fat cats on Wall Street.
Associated Press/NBC Video
Published: February 4, 2009
Updated: February 4, 2009
Published: February 4, 2009
Updated: February 4, 2009
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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