Bush bashes 'Fat Cat' executive salaries

US President George Bush took aim today at the huge salaries and bonuses of corporate executives, going to Wall Street to say compensation packages should be tied to how good a job a CEO does for the shareholders.

Bush came to New York to highlight optimistic news about the economy and to bring his economic message out of the shadows of the Iraq war.

Shortly before he spoke, the government reported the economy grew at a faster-than-expected 3.5% in the final quarter of last year.

The president also was acknowledging the anger of Americans at stories about the enormous salaries and other perks for CEOs.

“Government should not decide compensation for America’s corporate executives,” the White House said in a report ahead of Bush’s speech. “But the salaries and bonuses of CEOs should be based on their success at improving their companies and building value for their shareholders.”

The White House statement appeared aimed in part at legislation that Rep. Barney Frank, chairman of the House Financial Services Committee, has said he will push, requiring shareholder approval of executive compensation plans.