Feinburg Orders Executive Pay Restrictions for 2010
Pay czar limits salaries for top executives at 5 bailed out firms
The press announcement from U.S. Treasurry reads:
“Special Master for TARP Executive Compensation, Kenneth R. Feinberg, issued his rulings on 2010 executive pay packages for the `Top 25′ executives at the five remaining firms that received exceptional assistance from taxpayers: AIG, Chrysler, Chrysler Financial, GM, and GMAC. Because Bank of America and Citigroup repaid their exceptional assistance, they are not subject to the Special Master’s 2010 rulings. The Special Master also released a letter requesting information on compensation paid to the `Top 25′ executives at each firm that received TARP assistance before February 17, 2009 to obtain information needed for the `look back’ review required by the Recovery Act”
Source: U.S. Treasury Department’s press release, dated March 23, 2010
http://www.ustreas.gov/press/releases/tg604.htm
These headlines really caught our eye AIG Increases Compensation for Most Top Managers Who Remained - AIG Unit Feels Effects of Pay Limits and AIG’s Benmosche Awarded Salary of $7 Million, Feinberg Says and seem contradictory or misleading. In part, they may have been written before the Treasury’s announcement.
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