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WASHINGTON — US President Barack Obama does not believe G20 states should slap limits on executive pay, an official said Wednesday, as Europe readied a call for "sanctions" against banks that shell out billions on bonuses.
A week before Obama hosts the next G20 summit of top economic powers and developing nations in Pittsburgh, a senior administration official said the talks would likely produce a compromise "set of principles" on the issue.
The summit will take place a week after Obama lashed out at executives of finance firms during a speech on Wall Street, warning them not to further squander public trust by awarding themselves huge 2009 bonus payments.
But despite his tough stance, Obama still does not favor a hard cap on bonuses, Mike Froman, deputy national security advisor for international economic affairs, told reporters.
"The president feels very strongly about executive compensation and shares the concerns about executive compensation practices.
"We've done a lot here... and my sense is that the G20 is likely to discuss (it) given the interest of its members in it and come up with an agreement on a set of principles around that going forward," Froman said.