President Obama said he "will not tolerate" lavish bonuses and excessive pay to top executives at bailed out firms this morning, upon announcing a $500,000 pay cap for top executives at companies receiving taxpayer bailouts.

"For top executives to award themselves these kinds of compensation packages in the midst of this economic crisis is not only in bad taste -- it

"We all need to take responsibility. And this includes executives at major financial firms who turned to the American people, hat in hand, when they were in trouble, even as they paid themselves their customary lavish bonuses," Obama said. "As I said last week, that