Pay Czar Seeks Further Cuts For Top Bailout Execs

Law360, New York (March 23, 2010, 6:55 PM EDT) -- Executives at American International Group Inc., Chrysler Group LLC, Chrysler Financial, General Motors Co. and GMAC Inc. will face additional pay cuts in 2010, and 400 other firms that received government funds will face an inquiry into their compensation practices, the Obama administration’s pay czar said Tuesday.

Cash salaries for more than three-quarters of the top paid executives at the five firms will be capped at $500,000, with exceptions granted only for “good cause,” according to Kenneth Feinberg, the U.S. Department of the Treasury’s special master...
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