Kenneth R. Feinberg, the Obama administration’s special master for compensation, decided yesterday to limit salaries for 119 executives from 5 of the firms bailed out by the federal government last year. Out of the five companies, four are related to the auto industry: GM, Chrysler, GMAC and Chrysler Financial. The fifth firm is AIG.
According to Feinberg, cash payments to the top 25 executives at each of the companies will be reduced by 33 percent compared to 2009 levels. Overall, the total … (read more)