By Karey Wutkowski and Mark Felsenthal
WASHINGTON (Reuters) - The U.S. pay czar on Thursday slashed cash compensation for the top earners at seven companies that received massive taxpayer bailouts, while allowing for some increases to retain key talent.
Kenneth Feinberg, charged with reworking pay contracts for the 25 highest-paid employees at the seven banks and automakers, said their cash compensation rate for the remainder of 2009 would drop by more than 90 percent compared to 2008. Overall compensation rates would be cut in half, on average.
via www.reuters.com
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