Check Out Our Sports Photo Galleries Contact Us
Treasury to order bailed-out firms to slash pay
by The Associated Press
Oct 22, 2009 | 1251 views | 0 0 comments | 13 13 recommendations | email to a friend | print
WASHINGTON (AP) — First came the bailout. Now comes the payback.

The Treasury Department is ordering seven big companies that haven’t paid back last year’s government bailouts to halve their top executives’ average compensation.

The cuts apply to the 25 highest-paid executives at the companies, with salaries being slashed up to 90 percent, according to a person familiar with the matter. The companies are: Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial.

Comments
(0)
Comments-icon Post a Comment
No Comments Yet
Featured Businesses