Obama on bailout

US President Barack Obama is set to disclose details of new rules limiting executive pay to 500 thousand a year for firms benefiting from the taxpayer bailout.



The move is said to be an initial step in a wider attempt to overhaul executive pay practices.



The president has taken issue with the fact that many Wall Street bonuses were paid in 2008 while taxpayers money was used to support some firms.



Last week, President Obama described the multi-billion dollar bonuses taken by Wall Street bankers as shameful.



President Obama and Congress have been considering different options to rein in the pay and other benefits enjoyed by top bosses.



The new proposal is being presented as being in the interest of shareholders and taxpayers alike.