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March 24, 2010

Compensation Czar Cuts Pay 15% at Bailed-Out Firms
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The Obama administration has unveiled new curbs on executive
compensation at some of the nation’s top bailed-out firms. On Tuesday,
bailout pay czar Kenneth Feinberg reduced salaries and bonuses an
average 15 percent for executives at five companies that have yet to
repay their loans. Despite the cuts, many executives will still collect
lucrative pay checks. At AIG, ten employees will take home at least $5
million apiece. Meanwhile, in Connecticut, Attorney General Richard
Blumenthal has issued a legal opinion backing taxes on bonuses at
bailed-out firms. On Tuesday, Blumenthal said a proposal to tax bonuses
over $1 million is constitutional and would likely withstand a court
challenge.



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