US President Barak Obama has admitted to a mistake in the make up of his cabinet after two nominees withdrew over tax issues. “I’ve got to own up to my mistake, which is that ultimately it’s important for this administration to send a message that there are not two sets of rules. You know, one for prominent people and one for ordinary folks who have to pay their taxes. And so I’m frustrated with myself, with our team, but ultimately my job is to get this thing back on track.”

Meanwhile, the new president has moved to curb excessive corporate rewards. A 390,000 euro annual pay cap is to be placed on executives working for companies getting taxpayer bailouts. The rules are part of Obama’s attempt to overhaul financial regulation and revive the flagging economy.

On a lighter note the president and first lady escaped the pressures of the White House to pay a visit to a local public school. There Obama was asked about his favourite superheroes instead of the tax returns of cabinet nominees.

More about: Barack Obama, USA

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