President Barack Obama has expressed frustration with Wall Street executives who have spent large sums of money while at the same time receiving federal bailout funds, and today he is expected to do something about it.

In an interview yesterday with CNN’s Anderson Cooper, Obama said, “Tomorrow I’m going to be talking about executive compensation and changes we’re going to be making there. We’ve now learned that people are still getting huge bonuses despite the fact that they’re getting taxpayer money, which, I think, infuriates the public.”

It is believed that the restrictions on executive pay will include a pay cap of $500,000, as well as prohibit bonuses above executive’s base pay, except for normal stock dividends. However, some people believe such a move would be too drastic.

“This is pretty draconian — $500,000 is not a lot of money, particularly if there is no bonus,” said James Reda, founder and managing director of James F. Reda & Associates, a compensation consulting firm. “And you know these companies that are in trouble are not going to pay much of an annual dividend.”

Just this morning, Wells Fargo & Co., which is one of the nine banks that received funds in the first round of the Troubled Asset Relief Program, canceled a four-day corporate event in Las Vegas after it received criticism, Bloomberg reported. Wells Fargo had scheduled the event for its home-lending unit, which was going to take place at Wynn Resort Ltd.’s Wynn Las Vegas and Encore Las Vegas casino resorts starting Feb. 25.

“The event is not a junket for executives, but a four-day business meeting and recognition event for hard-working team members who made homeownership achievable and sustainable for borrowers across the nation,” the company said in a statement quoted by CNN.

The company defended itself against allegations that it planned to use federal bailout money to pay for the trip, saying an Associate Press report “misleads readers by implying Wells Fargo used the government’s investment to pay for these events. As we’ve said before, we’ve used the government’s investment to lend to creditworthy customers and to help homeowners avoid foreclosure.”