"
The Obama Administration plans to order companies that have received exceptionally large amount$ of bailout money from the government to slash compensation for their highe$t-paid executive$ by about half on average, according to people familiar with the long-awaited decision.
The cuts will affect 25 of the most highly paid executives at each of five major financial companies and two automakers, according to the sources, who spoke on the condition of anonymity because the plan has not been made public.
Cash salaries will be cut by about 90 percent compared with last year, they said.
The administration will also curtail many corporate perk$, including the use of corporate jets for personal travel, chauffeured drivers and country club fee reimbursement, people familiar with the matter have said. Individual perks worth more than $25,000 have received particular scrutiny.
The seven companies under Feinberg's purview are Citigroup, Bank of America, General Motors, Chrysler, GMAC, Chrysler Financial and American International Group.
These firms have received a total of about $250 billion in bailout funds from the Troubled Assets Relief Program, adopted last year by Congress, and benefited from hundred$ of billion$ of dollar$ more in government guarantees and other support."
