Feinberg Takes Ax To Exec Pay At Bailed-Out Firms

Law360, New York (October 22, 2009, 6:24 PM EDT) -- Top executives at seven companies still receiving assistance from the U.S. government's $700 billion Troubled Asset Relief Program — including Bank of America Corp., General Motors Co. and American International Group Inc. — will see their pay slashed starting in November, the official charged with monitoring executive compensation at bailout companies said Thursday.

The U.S. Department of the Treasury's special master for executive compensation Kenneth Feinberg announced that the top 25 executives at BofA, Citigroup Inc., GM, GMAC Inc., AIG, Chrysler Group LLC and Chrysler Financial...
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