1.  Treasury Will Slash Bailout Execs' Salaries by 90 Percent

The government will force the companies that received the most bailout funds to deeply cut compensation for their top executives, according to a New York Times scoop. The plan, which "will be announced in the next few days," will apply to seven companies: "Citigroup, Bank of America, the American International Group, General Motors, Chrysler and the financing arms of the two automakers." Each of those companies "will have to cut the cash payouts to their 25 best-paid executives by an average of about 90 percent from last year," and the total compensation, including bonuses, for all executives will be reduced by 50 percent. "The pay restrictions," says the Times, "illustrate the humbling downfall of the once-proud giants, now wards of the state whose leaders' compensation is being set by a Washington paymaster."

Read original story in The New York Times | Wednesday, Oct. 21, 2009

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