Pay Czar Special Master Declares Pay Cut
March 24th, 2010 - 7:41 pm ICT by GDBy Meena Kar
Washington, March 24, (THAINDIAN NEWS) Kenneth Feinberg, the special master for TARP Executive Compensation which is better known as “Pay czar” has declared that the top executives of five companies will have to do with a pay cut this season. The pay cut will affect around 120 top executives of the five companies. Kenneth Feinberg had declared that there would be a 15 percent reduction in pay on an average. The companies listed by him are, American International Group, General Motors, Chrysler, Chrysler Financial and GMAC. These companies have received heavy taxpayer bailouts from the U.S Treasury.
According to reports Kenneth Feinberg had earlier this year marked the American International Group’s decision to provide its employees of the financial service division with a heavy bonus as “outrageous”. He had also remarked at that time that such extravaganza will become thing of past soon. The decision of the pay cut then comes as a natural follow-up. However, this is not all that he announced. Kenneth Feinberg also said that this year the total compensation that includes company stocks will also see a decline.
Kenneth Feinberg, who was appointed by the U.S Treasury Department last year to look into the bonus of top executives of companies and banks which have received bailout assistance from the federal Government, has brought many changes since then in the system. According to many this has helped the economy to revive from its earlier position. After the decision was declared, AIG has refused to comment on the issue while Chrysler mentioned its gratitude for the bailout and said that it would continue to keep its performance up to the expectation of the taxpayers.
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- Federal Bailout Costs Slated to Reduce TARP - Oct 06, 2010
- Pay Czar eyes Top Executives! - Mar 24, 2010
- AIG pays back $1.5 bn to US Treasury - Mar 23, 2012
- Chrysler repays $5.1 billion in TARP loans - May 25, 2011
- Kenneth Feinberg Approves Annual Pay Package of 10.5 Million Dollars for AIG Chief Executive - Oct 09, 2009
- Wanted: directors with backbone to check corporate greed - Oct 25, 2009
- Vikran Pandit stays at Citi with $1 annual salary - Nov 18, 2009
- Pandit's Citi to return $20 billion in bailout money - Dec 14, 2009
- US seeks to suspend executives' bonuses at mortgage giants - Nov 16, 2011
- Pandit's Citi returns $20 bn in bailout funds - Dec 24, 2009
- AIG Bonus returning pledge is just an empty pledge - Dec 28, 2009
- AIG reports fourth quarter profits - Feb 24, 2012
- Kenneth Feinberg To Look After The Funds For BP Oil Spill Victims - Jun 17, 2010
- BP agrees $20 bn claims fund - Jun 17, 2010
Tags: aig, american international group, bailout, chrysler chrysler, chrysler financial, company stocks, czar, executive compensation, expectation, extravaganza, general motors, gmac, gratitude, group general, kar, kenneth feinberg, top executives, treasury department, u s treasury, u s treasury department
