Obama Puts a Cap on Executive Pay

Citing that he "will not tolerate it as president," Barack Obama spoke out against the Wall Street CEOs that have been receiving cushy pay packages after asking the federal government for help. Obama instituted a pay cap on the executives' pay, saying that it was "not only bad taste. . . it's bad strategy." After the federal government came to the aid of Wall Street firms, many firms allowed the top executives compensation packages that shocked the tax payers, whose money it was that helped bail out those same companies. Billions of dollars of tax payers monies have gone into the Wall Street financial companies, and Obama promised that more measures are in the works to help keep a tab on how those billions are being spent.

Of course this decision by the new president came under criticism by some, saying that his move was a purely political play trying to please the average American. However, he also has much support in his decision to limit salaries. The Democrat president has the support of Washington, including Republicans.