WASHINGTON -- President Barack Obama's pay czar on Tuesday ordered executive compensation at prominent bailed-out firms to be cut by 15 percent, amid voter anger over Wall Street pay.
Kenneth Feinberg said 119 executives at AIG, Chrysler, Chrysler Financial, General Motors and its troubled former finance arm GMAC would see their cash rewards slashed by a third and their total pay cut by 15 percent versus last year.
All five firms received taxpayer money to stay afloat during the financial crisis, which continues to weigh on US economic recovery.
Feinberg also sent a letter to more than 400 firms who got government bailouts before February 2009, asking them to disclose details of the top 25 executives receiving annual pay of more than 500,000 dollars.
But the list contains some familiar names from the financial crisis including; American Express, AIG, Bank of America, Chrysler, Morgan Stanley, Citigroup, General Motors, JP Morgan Chase, the Bank of New York Mellon and Wells Fargo.
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1 comment:
A 15% pay cut won't hurt them at all. That's less than most of the new "underemployed" are making due to having to get employed at any rate.
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