Wednesday, October 21, 2009

Pay cuts coming for Wall Street execs.

The Obama administration will order pay cuts of up to 90% from last year for the top executives of companies that received the most bailout assistance. For many of the executives, the cash they would have received will be replaced by stock that they will be restricted from selling immediately. And for the 25 best-paid executives, the total compensation, which includes bonuses, will drop, on average, by about 50 percent.
The companies are Citigroup, Bank of America, the American International Group, General Motors, Chrysler and the financing arms of the two automakers.

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