Obama Wants to Banish Bonuses

With world leaders pouring into the country for the G-20 summit next week, President Obama used his weekly radio address to tout American efforts to rein in the finance industry. Saying the U.S. "must lead, not just by word, but by example," Obama specifically took on executive compensation, an issue that's been on the table in Europe as well. "We cannot allow the thirst for reckless schemes that produce quick profits and fat executive bonuses to override the security of our entire financial system and leave taxpayers on the hook for cleaning up the mess," Obama said. He also repeated calls for a Consumer Financial Protection Agency that would regulate mortgages, credit cards, and lending.