Obama Plan to Save Financial System Coming Next Week

Posted February 4, 2009 at 10:49am

President Barack Obama and Treasury Secretary Timothy Geithner on Wednesday said their plan to revive the nation’s financial system will be unveiled next week. Obama and Geithner, who spoke at the White House, announced the timing of long-awaited initiative during an event devoted to a new plan to cap at $500,000 the salaries of executives with companies that receive federal bailout funds. Executives will be able to receive additional compensation in the form of stock that cannot be paid out until “taxpayers are paid back.” Obama also promised “broader reforms” on executive compensation. Obama put in a plug for the stimulus bill, saying he has a “sense of urgency” about the measure. In remarks clearly aimed at Republicans, he warned against the “same failed theories that helped lead us into this crisis,” including “the notion that tax cuts alone will solve all our problems.”