« Bank Failures 2009 / bankrotte US Banken 2009 | Main | America Urges China to Ease Renminbi »
Treasury to order bailed-out firms to slash pay
By Martin | October 22, 2009
The Treasury Department on Thursday is expected to order seven companies that have not paid back last year’s government bailouts to halve their top executives’ average compensation.
The cuts apply to the 25 highest-paid executives at banks and other companies that received the most assistance, with salaries being slashed by as much as 90 percent, according to a person familiar with the matter.
Kenneth Feinberg, the special master at Treasury appointed to handle compensation issues as part of the government’s $700 billion financial bailout package, is making the pay decisions. He is scheduled to release the details Thursday afternoon.
The seven companies are Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial.
Topics: Uncategorized | 1 Comment »
One Response to “Treasury to order bailed-out firms to slash pay”
Comments
You must be logged in to post a comment.
October 23rd, 2009 at 11:11 am
[...] [...]