The seven companies that received the most assistance will have to cut the annual salaries of their 25 highest-paid executive by an average of about 90 percent from last year, Kenneth Feinberg, the special master at Treasury appointed by Obama to handle compensation issues at the seven firms getting exceptional assistance from the government's $700 billion financial bailout package, is making the pay decisions. The seven companies are: Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial Total compensation for the top executives at the seven firms will decline, on average, by about 50 percent, The pay restrictions for all seven companies will require any executive seeking more than $25,000 in special benefits - things such as country club memberships, private planes and company cars - to get permission for those perks from the government teetering on the brink taxpayers came to their defense |
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