InfoAnda - Pay Czar Orders Compensation Cuts At Five TARP Bail Out Firms

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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles Pay Czar Orders Compensation Cuts At Five TARP Bail Out Firms Email Facebook Digg Twitter Buzz Up! ShareThis March 23, 2010 7:14 p.m. EST Topics: economy, business and finance, economy, United States Mitchell Jaworski - AHN News Reporter Washington, DC, United States (AHN) - Obama’s Pay Czar Kenneth Feinberg ordered compensation cuts of up to 33 percent for executives at several firms that still hold bailout funds from TARP. Speaking at a press conference Tuesday, Feinberg said compensation reductions will be required at AIG, Chrysler, Chrysler Financial, General Motors and GMAC. All five firms have yet to payback all funds received from TARP. Between the five firms, a total of 119 executives will see their 2010 compensation fall by roughly 15 percent. However, more than half of those executives will see compensation packages north of $ 1 million. AIG Chief Executive Robert Benmosche is eligible for $3 million in a cash salary, the most of the 119 executives, while possibly seeing pay as high as $10.5 million through long-term stock options. There are four other executives that are eligible to receive at least $1 million in cash compensation for 2010. Executives at Chrysler and GMAC were not as lucky with no one eligible for more than $500,000 for the year. Feinberg, 64, who has been policing pay packages at bailed out firms since last June, said that executives from AIG’s Financial Products unit have paid back the $45 million in bonuses they promised to return, according to a CNNMoney.com report. The Pay Czar also said he plans to review compensation practices during a four month period in late 2008 to early 2009 at the 419 firms that received bailout money. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Most Popular Stories Rihanna Hits #1 On Billboard Hot 100 With "Rude Boy" EA Planning Lawsuit Against "South Park" Over Tiger Woods Episode Johnny Depp To Romance Penelope Cruz In "Pirates Of The Caribbean" Sequel Porn Film Company Offering Octomom Nadya Suleman House Payment Family Releases Photos Of Beaten Deerfield Beach Middle School Girl Brazlian Catholic Priest Caught In Videotaped Sex Romp With Altar Attendant Justin Bieber Disses Mariah Carey Former Doctor Arrested In Stabbing Of Eight Children Outside Chinese School Sarah Palin Travel Show To Hit Discovery Channel Cops Called To Jesse James And Sandra Bullock's Home Recent Posts Most Popular Comments Recent Comments Popular Threads Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat Follow AHN on Twitter AHN Social News connects you with friends and the news Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2010 AHN All Rights Reserved

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