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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology US extends executive pay limits at 4 bailed-out firms AFP - Saturday, December 12 Send IM Story Print Kenneth Feinberg, the special master overseeing pay at firms aided by the Troubled Asset Relief Program, seen here in October 2009. Feinberg on Friday extended limits on pay and perks at four bailed-out US companies to a second tier of executives. WASHINGTON (AFP) - – A government-appointed "pay czar" on Friday extended limits on pay and perks at four bailed-out US companies to a second tier of executives. Kenneth Feinberg, the special master overseeing pay at firms aided by the Troubled Asset Relief Program, said the new decision would cover the 26th to 100th most highly paid executives at the firms, after a previous ruling on the top 25. The limits, including a cap in cash salaries of 500,000 dollars annually in most cases, would apply to AIG, Citigroup, General Motors and GMAC, the former finance arm of GM, firms that received "exceptional" government aid. Bank of America, which repaid 45 billion dollars in TARP funds this week, was exempt from the ruling. Additionally, Chrysler and Chrysler Financial were exempted because executives received less than the "safe harbor" amount, with one exception. The ruling said cash salaries should be limited to 500,000 dollars but said some higher amounts would be allowed "in exceptional cases as specifically certified by the company's independent compensation committee." It said the companies have so far identified "about 12" exceptional cases. Feinberg's decision also placed limits on bonuses or other incentives and perks including "golden parachute" separation payments. Although the decision affects only four companies, it comes amid a broad effort in the United States and elsewhere to limit lavish pay packages that critics say encouraged reckless actions leading to a near-meltdown of the financial system. Outside the US, Britain and France urged world leaders to impose a tax on bankers' bonuses and consider a tax on financial transactions. Britain has proposed slapping a one-time 50 percent tax on bonuses above 25,000 pounds (40,700 dollars) to recoup cash spent saving the financial sector during the crisis. A French government source said a similar measure was being studied. Feinberg's ruling bars incentive pay that is not linked to company performance. Additionally, any bonus must be paid largely in stock that must be held for three years to give the executive a stake in the success of the company. Total incentive pay would be limited to a pool of funds that would be divded up by those receiving it, so a larger bonus for one executive would reduce the amount paid to another. These bonuses could be recouped if the company's performance falters or if an executive is found to have engaged in misconduct. "The rulings put an end to the practice of paying routine 'bonuses' regardless of performance," a Treasury statement said. "The special master's decisions permit incentives to be paid only if the company sets -- and the executive achieves -- objective performance measures, reviewed by the special master, that align executives' interests with those of shareholders and taxpayers." On Thursday, US investment giant Goldman Sachs appeared to follow similar guidelines as it announced it would pay bonuses to top executives in stock instead of cash this year. The firm's 30-member management committee will receive bonuses in the form of shares that cannot be sold for five years and which can be recovered under a "clawback" provision. The shares can be recovered "in cases where the employee engaged in materially improper risk analysis or failed sufficiently to raise concerns about risks," said the powerful Wall Street firm. 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