WASHINGTON — Amid populist outrage over Wall Street excess, President Barack Obama unveiled new compensation rules for financial institutions that accept government assistance, saying it is "in bad taste" and bad strategy for executives to receive lavish pay packages during an economic crisis.

"We're going to be demanding some restraint in exchange for federal aid — so that when firms seek new federal dollars, we won't find them up to the same old tricks," Obama said at the White House.

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