Video: Obama caps bailout execs salaries

Here's video of President Barack Obama capping bailout executive salaries.



In other news, the president signed into law the Children's Health Insurance Program (SCHIP) providing health insurance for the nation's uninsured children.

"I refuse to accept that millions of our children fail to reach their full potential because we fail to meet their basic needs. In a decent society, there are certain obligations that are not subject to tradeoffs or negotiations, and health care for our children is one of those obligations," Obama said.

"For millions of children who fall into that gap, CHIP has provided care when they're sick and preventive services to help them stay well. This legislation will allow us to continue and build on these successes."

Obama caps Wall St. salaries for bailout

President Barack Obama made a great move today calling for a salary cap on executive pay for companies drawing from the bailout fund.

The "common sense" cap is $500,000 for companies that accept substantial amounts of bailout money.

"We all need to take responsibility," said Obama.

"And this includes executives at major financial firms who turned to the American people, hat in hand, when they were in trouble, even as they paid themselves their customary lavish bonuses.

"We're asking these firms to take responsibility, to recognise the nature of this crisis and their role in it."

Last year, Wall Street executives received $18.4bn in bonuses, and some companies like Citigroup continued to spend on extravagant executive perks despite drawing from the government corporate dole, i.e., taxpayer money.



FOXNews
Obama Calls for ‘Common Sense’ on Executive Pay
New York Times - 1 hour ago
President Obama and Treasury Secretary Timothy F. Geithner at the White House, where they spoke about executive compensation. By EDMUND L. ANDREWS and VIKAS BAJAJ WASHINGTON - President Obama on Wednesday announced a salary cap of $500000 for top ...
Obama unveils executive pay cap BBC News
US places limit on executive pay for bailout recipients International Herald Tribune