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The United States Treasury Department, under the direction of pay czar Kenneth Feinberg (pictured) has cut the total cash compensation for the top 25 executives at both General Motors and Chrysler, among other companies who received bailout assistance under the $700 billion Troubled Asset Relief Program (TARP). On average, the overall compensation for 2010 is down 15 percent versus 2009.

GM Chairman and CEO, Ed Whitacre, has been approved for $9 million in total compensation, including $1.7 million in cash. Chief financial officer, Chris Liddell, will be getting $6.27 million, $900,000 of which is in cash. Of the remaining executives, only a small handful have been approved to receive $500,000 or more, even though GM was hoping to pay out similar sums of money to 16 of its top 25 executives.

Chrysler's top executives, on the other hand, will not be seeing any reductions in cash salaries, but none of the automaker's top 25 will be receiving more than $500,000 in cash. However, keep in mind, that Chrysler's top execs had their pay cut by 18 percent in 2009.

In addition to GM and Chrysler, Feinberg has issued pay cuts for lending companies GMAC and Chrysler Financial, as well as AIG, Inc. Next month, he plans to issue a compensation structure for the next highest-paid 75 executives at all of these companies, as well.

[Source: The Detroit News | Image: Win McNamee/Getty]


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    • 1 Second Ago
  • 76 Comments
      • 4 Years Ago
      The rest of the humans don't get millions a year for a job?
      They didn't start a company from scratch with their own money.
      They will not find any better opportunity.
      I bet, the overpaid babies will cry all the way to the bank in their free Corvettes.
      • 4 Years Ago
      what a ugly man...
      Bubba
      • 4 Years Ago
      Let's not all start worrying about the CEO facing pay cuts. Any day now the Republican Party will rally their forces and stand with the Ceo's just as they have with the Health Care Insurers. Remember, if there's an issue that has to do with the least number of people as opposed to the greatest number of people, the GOP will be by their side. Ceo's should receive bonus $$$ regardless of Company success, the GOP will argue, no matter how many employees are fired and how much money stock holders lose, because that's the American Way, that's the Status Quo and that upper 5% of the nation's wealthiest need to have that $$$$$ to keep up their life style.
      • 4 Years Ago
      OK, so maybe corp execs may receive excessive compensation, sorry, that's free enterprise.....give them an ultimatum on repaying the tarp funds to the feds....fine

      But, the feds DICTATING the compensation package ???? DICTATING, ring a bell anyone?

      What's next passing a health care bill where you under penalty by the government if you DON'T purchase it?

      Penalty for freedom of choice in America???? Wake up and smell the communisim
      Chairman Mao is rolling in his grave with laughter
      upurs
      • 4 Years Ago
      NOTHING BUT THIEVES ,RUNNING THE HIGHEST PAID COMPANIES IN AMERICA/AND THE GOVERNMENT....!!!..why do you think they're there???...and most of it is nepotism....nothing will change these companies did this because somewhere behind it all there is a great profit...without the the "masses" ...buying anything...these companies don't have much of a chance...but nothing will change and don't forget to look for their young off-spring with different names to get these companies and the wealth handed down...it ain't comin to you or me...!
      • 4 Years Ago
      Sadly, Boxer is telling the truth. Our constitution is worth less than toilet paper to the party in charge right now. When the word is mentioned Pelosi laughs.
      • 4 Years Ago
      i read about the ceo of some top japanese company who cut his own pay and benefits when the company wasn't doing well. he felt obligated to his employees.

      the corporate culture/individual values of america are shameful. people are now whining about socialism and big government. it's all about the almighty dollar here.
      • 4 Years Ago
      I'm sorry -- What is it Exactly that they do to earn this kind of money? NOBODY is worth this kind of money! If you want to save the company LOWER THE DAMN PRICE OF THE PRODUCT SO PEOPLE CAN AFFORD THEM !! AND when theres a problem stop blaming others and FIX IT !! CAN YOU SAY CREDIBILITY? TRY ADDING THAT BACK INTO THE COMPANY AND LOSE THE GROSSLY INFLATED SALARIES !! Just a thought, doubt it will ever happen !
      • 4 Years Ago
      Two words. Stock options. When you get to that level you should be paying executives primarily in stock options. The better job they do, the more the company earns, the more money they make. It gives incentive to long term success, which many CEO's these days don't even worry about when they have huge cash bonuses.

      And while I have the floor, why not apply a similar principle to our elected officials? If they spend us into oblivion, they feel it in the only way you can get through to them - the wallet. If they manage to stay within budget and still get the job done (so rare these days it'd make 'em a damn superhero), then they get their full "salary" (and then almost certainly, re-election).

      Word of advice to everyone reading this - for you, and for me, please stop living outside of your means.
      • 4 Years Ago
      *insert cliché penis joke here*

      or

      CAPTION: "Penis jokes are THIS funny."
      • 4 Years Ago
      No one would want to work for government motors in first place don't be surprised if execs for both companies are filled by pro union members, another reason why prospects for both companies are pretty grim.

      BTW how come house and senate members or even Obama for that matter has not taken pay cut inspite of the poor economy in USA?
        • 4 Years Ago
        There is supposed to be a difference.

        A businessman should be paid by the success of his legitimate economic activity, and un-regulated by the government.

        A *public servant* government official IS, and must be paid by the taxpayers, and no more than necessary to provide the necessary limited functions of a constitutionally limited government, so not to be an onerous burden on the people.

        Government isn't supposed to be business, let alone the corrupt business that would be illegal if it were anyone else doing it.
        • 4 Years Ago
        The President of the US is also not cleared for more than $500,000/year cash compensation. He makes $400,000.
        • 4 Years Ago
        They really don't make that much; well, if we're talking regular, official paychecks from the government, anyway.
        • 4 Years Ago
        Caddy-v:

        Because I'd be much happier submitting to government-mandated Christianity, conscription, and funding the wealthy's extravagances with my taxes.

        Both American parties, taken to their logical extremes, are scary things.
        • 4 Years Ago
        A congressman and senator's salary is $167,000 to start, much higher if in a leadership role. He has a very generous expense account, funding for staff, an office in the capitol and an office in his home state. All travel to and from is paid for courtesty of the taxpayers. They also have access to government aircraft for purposes of junkets overseas including investigating wether or not coconuts grow bigger in the Carribean or in the south pacific. After five years they are vested with full salary for life and full medical coverage for themselves and family for life. They get benefits like; paid travel, car rental expenses and $400.00 per diem per night for overnight junkets. Any monies left over from campaigns is theirs to keep. All this is a gift of taxpayers generosity for screwing up our country in every way possible including directly causing the housing crisis and the aftermath.
        And when they leave office, it's payback time from all the lobbyists and cronies that they did favors for while tending to the best interests of the common man.
        Now they have the power along with the unconstitutionaly appointed czar to dictate how much an auto exec, banker, investment broker and now the insurance industry leaders are to be paid. Welcome to socialism. Don't bitch when you are told how much you are limited to make. You voted for it, now deal with it.
      • 4 Years Ago
      It is amazing that we are going after GM, GMAC, Chrysler but not a mention of Fanny Mae or Freddie. This government is the biggest pile of horse sht I have ever seen in action. Why don't we cut the number of flights asswipe takes at 300,000.00 er hour to operate? Why don't we cut the number of employees asswipes wife has? Why don't we pull pelosi's private jet away? She certainly can sit her ugly non talented ass on a lesser model. To Obama, his wife, kids and all who support this tyranny FOAD NOW.
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