WASHINGTON (AP) — The administration’s pay czar tells reporters the top 25 earners at five companies still receiving extraordinary aid from the government’s bailout fund will be paid an average 15 percent less in 2010 than in 2009 under his restrictions.
The companies include troubled automakers General Motors and Chrysler and insurance giant American International Group.
Pay czar Kenneth Feinberg also announces he is asking 419 companies that received support from the bailout program to provide details of compensation they received at the height of the financial crisis at the end of 2008 and early 2009.
Feinberg’s announcement is part of a continuing effort to deal with public outrage over bonus payments provided to executives at companies getting billions of dollars in taxpayer support.
