WASHINGTON - The Obama administration plans to order companies that received huge U.S. government bailouts last year to sharply cut the compensation of their highest paid executives.
A person familiar with the decision, who spoke on condition of anonymity because it has not been announced, says the seven companies that received the most assistance will have to cut the annual salaries of their 25 highest-paid executive by an average of about 90 per cent from last year.
This person says the Treasury Department will announce the deep pay cuts within the next few days.
The seven companies are: Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial.
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