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Special Report: Global Financial Crisis

Special Report: Barack Obama: The 44th U.S. President专科

BEIJING, Feb. 5 -- US President Barack Obama is imposing a 500-thousand US dollar cap on executive pay for firms that take government bailout money.

The announcement comes amid a national outcry over huge bonuses going to executives.

Obama announced dramatic new government intervention into corporate America on Wednesday, urging executives at firms getting taxpayer bailouts to take responsibility.

Barack Obama, US President, said, "As part of the reforms we are announcing today, top executives at firms receiving extraordinary help from US taxpayers will have their compensation capped at 500-thousand dollars - a fraction of the salaries that have been reported recently. And if these executives receive any additional compensation it will come in the form of stock that can't be paid up until taxpayers are paid back for their assistance."

The desire for limits was reinforced by reports that Wall Street firms paid more than 18 billion US dollars in bonuses in 2008, despite the economic down turn.

The White House aims to hold banking executives accountable for the government money they receive, presenting the new rules as being in the interest of shareholders and taxpayers alike.

The new rule would be far tougher than any restrictions imposed during the Bush administration, and it could force executives to accept deep reductions in their current pay.

(Source: CCTV.com)

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U.S. President Barack Obama (R) delivers remarks about executive compensation as Treasury Secretary Timothy Geithner looks on at the White House in Washington Feb. 4, 2009. (Xinhua/Zhang Yan)
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