October 22, 2009 Obama: Excessive executive pay offends our values Play video

(NECN: Washington) - President Barack Obama says Americans' values are offended by excessive paychecks for executives whose companies were bailed out by taxpayers.

Speaking at the White House on Thursday, Obama praised the Treasury Department's decision to order seven big companies that haven't paid back last year's government bailouts to halve their top executives' average compensation.

But he said more must be done, and urged Congress to pass legislation to give shareholders a voice in executive pay packages.

Obama says Americans believe in success. But, he says, "It does offend our values when executives of big financial firms that are struggling pay themselves huge bonuses even as they rely on extraordinary assistance to stay afloat."

*Material from The Associated Press used in this report*