Bailout Execs To Lose Up To 90 Percent Of Pay

Law360, New York (October 21, 2009, 6:55 PM EDT) -- The Obama administration's executive pay czar has reportedly decided to cut compensation by as much as 90 percent for the 25 top executives at seven companies — including Bank of America Corp., Citigroup and General Motors Co. — that received large amounts of federal bailout money from the Troubled Asset Relief Program.

The U.S. Treasury's Special Master for Executive Compensation Kenneth Feinberg plans to reduce the total compensation of 175 employees of the firms by an average of 50 percent, with salaries falling by as much...
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