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President Barack Obama took on bailed-out Wall Street firms on Wednesday, setting a $500,000 annual cap on pay for top executives at companies receiving taxpayer funds and tapping popular anger over financial sector excesses.
Obama said more measures would be outlined next week to overhaul the crisis-hit U.S. financial sector, which has been propped up with billions of dollars in public funds.
"This is America, we don't disparage wealth. ... What gets people upset, and rightfully so, is executives being rewarded for failure. Especially when those rewards are subsidized by U.S. taxpayers," he said.