President Barack Obama will announce tomorrow that he’s imposing a cap of $500,000 on the compensation of top executives at companies that receive federal rescue funds, an administration official said. Any additional compensation will be in restricted stock that won’t vest until taxpayers have been paid back, said the official, who requested anonymity. The unprecedented steps — which also include restrictions on corporate jets, office renovations and holiday parties — come amid an outcry over an $18.4 billion bonus payout in 2008 to executives. The protests have been building since October when Congress passed a $700 billion financial-rescue plan. ‘People are still getting huge bonuses despite the fact that they’re getting taxpayer money, which I think infuriates the public, Obama said in an interview tonight with CNN. Obama and Treasury Secretary Timothy Geithner will announce the plan at 11 a.m. tomorrow. The regulations will also curb golden parachutes, compensation packages offered to executives when they leave the companies. The new pay guidelines won’t be retroactive to companies that have already taken money from the Troubled Asset Relief Program, the Treasury Department program to buy bad assets from banks. Still, those companies must agree to […]