Pay czar cuts top earners’ pay at bailout firms

[underpants]

Source: MSNBC

WASHINGTON - The administration's pay czar said Tuesday that the top 25 earners at five companies still receiving extraordinary aid from the government's bailout fund will be paid an average 15 percent less in 2010 than in 2009 under his restrictions.

The companies include troubled automakers General Motors and Chrysler and insurance giant American International Group.

Pay czar Kenneth Feinberg also said he is asking 419 companies that received bailout money to provide details of compensation they received at the height of the financial crisis at the end of 2008 and early 2009.

Detailing the 2010 pay rules, Feinberg said cash salaries would be capped at $500,000 for 82 percent of the top 25 executives at the five firms. These executives would have to receive any further compensation in stock. Feinberg is seeking to link the executives' decisions more closely to the success of their companies.



Read more: http://www.msnbc.msn.com/id/36004392/ns/business-us_business

[gmoney]

1. Oh no, I only get my further compensation in the form of stock?

Whatever will I do?

Ha ha ha > Bank

[superconnected]

2. czar - okay, it stems from Caesar and it reminds me of Russian Czars(kings)

We really need to get rid of this moniker. It sounds like a totalitarian dictatorship when people get titled Czar.

[ellenfl]

3. but it was started by ronnie raygun! how can it be bad? eom

[SpartanDem]

4. Blame the lazy media

they're the ones who came up with the stupid term instead if using peoples offical title.

[SpartanDem]

5. dupe