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White House: Bailout plan will address salaries, bonuses paid to firms getting public money
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WASHINGTON - The White House says its upcoming financial plan will clamp down on the salaries and bonuses paid to Wall Street employees whose firms receive taxpayer help.
This administration is developing plans for how it will use the last $350 billion from the original $700 billion financial-sector bailout plan.
White House press secretary Robert Gibbs said Friday that those plans will directly address executive compensation and bonuses. President Barack Obama on Thursday called it "shameful" that Wall Street workers received more than $18 billion in bonuses in 2008 while their firms were receiving taxpayer help.
Gibbs said it was "very safe to assume" the administration's plans will take on the issue of Wall Street pay and bonuses.
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