President Obama used his weekly radio address today to promise a continued crackdown on risky investment schemes that result in "fat executive bonuses" on Wall Street, reports Reuters. Obama pledged to use next week's G20 summit in Pittsburgh to push for sweeping reform of the world's financial markets. "Stopping the bleeding isn't enough," he said. "As the world's largest economy, we must lead, not just by word, but by example."
Obama spoke a day after news surfaced that the Federal Reserve is working on a plan to to review how banks pay their executives, a development that has bankers seething about further government intrusion, notes the Wall Street Journal. The rhetoric is heating up: Yesterday, Larry Summers said those opposed to greater financial regulation are using "death panel" type scare tactics to try to sway public opinion, adds the Financial Times.