Tuesday, March 23, 2010

Feinberg Cuts Executive Pay at AIG, Others

American International Group Inc. and four other companies overseen by Obama administration paymaster Kenneth Feinberg were ordered to cut cash compensation to top executives by 33 percent from last year.

Total pay in 2010, including cash, will fall by about 15 percent for 119 executives at AIG, General Motors Co., GMAC Inc., Chrysler Group LLC and Chrysler Financial Corp., Feinberg said at a press briefing in Washington today. Still, his rulings showed 69 of them will get $1 million or more, including long- term restricted stock payable only in future years. Bloomberg
Pay czar Kenneth Feinberg also said he is asking 419 companies that received bailout money to provide details of compensation they received at the height of the financial crisis at the end of 2008 and early 2009. NPR

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