Treasury Department puts squeeze on executives of bailed-out companies

In a rebuke to Wall Street, the Obama Administration today not only officially ordered deep executive paycuts at a few bailed out banks.

The Federal Reserve also demanded that every financial institution in america stop paying the kind of huge bonuses that experts say helped caused our economic crisis.

It's a double crackdown on Wall Street.

The Federal Reserve today issued guidelines to banks.

Condemning huge bonuses based on the size of financial deals, regardless of their risk.

"Pay for executives is based on their performance, not on wild risk taking. That type of wild risk taking that got us into a situation where taxpayers had to become involved to stabilize the financial system," asserted White House Press Secretary Robert Gibbs.

25 executives at firms still using billions in federal bailout funds: AIG, Bank of America, Citigroup, GM, Chrysler and their financial arms today had their 2009 compensation cut in half.

Cash payments were slashed by 90%.

President Obama approved.

"It does offend our values when executives of big financial firms, firms that are struggling, pay themselves huge bonuses even as they continue to rely on taxpayer assistance to stay afloat."

The executives are also losing perks: Private jets, limousines, country club memberships.

Some Wall Streeters see it as a backstab of bankers who saved their companies.

But there's no sympathy on Capitol Hill.

"You know they think they can party on like it's 2007, so I'm just amazed that we're at this moment because I'm amazed they thought they could get away with this," said Harvard's Elizabeth Warren, chairperson of the Bank Bailout Oversight Committee.

To prevent another economic crisis, President Obama is pushing a tough set of new banking regulations.

Paycuts for a few and bonus guidelines are a start.