President Obama announced Wednesday that all executives of companies receiving government aid will have their salaries capped at $500,000.
"Last year's 'shameful' handout of $18 billion in Wall Street bonuses "is exactly the kind of disregard for the costs and consequences of their actions that brought about this crisis: a culture of narrow self-interest and short-term gain at the expense of everything else," Obama said to White House reporters.
The president further blasted executives', calling their exorbitant spending decisions during a financial crisis not only "bad taste," but "a bad strategy." "I will not tolerate it," he said.
Under the new plan, companies paying their executives more than $500,000 will have to do so through stocks that cannot be sold until the company pays back its bailout fees to the government, according to CNN.com. Bank shareholders will also have a greater say in executives' salary under the new plan.
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