Obama administration plans to slash pay of executives at 7 bailed-out companies
The Obama administration plans to significantly cut the pay of executives at the seven companies that have received the most bailout money, reacting to a growing outcry about huge new bonuses and other compensation at firms propped up by taxpayer dollars, according to people familiar with the decision.
The 25 highest-paid executives at the companies would have their salary cut by an average of about 90% from what they received last year, replacing the pay with stock that they would have to hold for a set period of time, the people said. The goal is to reduce corporate decisions based on short-term gains and ***** executives to consider the long-term impact on the company.
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The Obama administration plans to significantly cut the pay of executives at the seven companies that have received the most bailout money, reacting to a growing outcry about huge new bonuses and other compensation at firms propped up by taxpayer dollars, according to people familiar with the decision.
The 25 highest-paid executives at the companies would have their salary cut by an average of about 90% from what they received last year, replacing the pay with stock that they would have to hold for a set period of time, the people said. The goal is to reduce corporate decisions based on short-term gains and ***** executives to consider the long-term impact on the company.
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