Automakers, banks slapped with pay limits

By doris | Published: December 13, 2009

Full Story at msnbc.com

WASHINGTON – The Obama administration’s pay czar is limiting the cash compensation for executives at companies that received the largest taxpayer bailouts to $500,000.

The 25th through the 100th top earners at Citigroup, GMAC, American International Group and General Motors also must take more than half their compensation in stock, and at least half must be delayed for three or more years, said Kenneth Feinberg, the Treasury Department’s Special Master for Executive Compensation.

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