National Debt Clock

Wednesday, October 21, 2009

U.S. Said to Order Deep Pay Cuts at Bailed-Out Companies

http://www.cnbc.com/id/33417281

Under the plan, which will be announced in the next few days by the Treasury Department, the seven companies that received the most assistance will have to cut the annual salaries of their 25 best-paid executives by an average of about 90 percent from last year. Their total compensation — including bonuses and retirement contributions — will drop, on average, by about 50 percent. The companies are Citigroup, Bank of America, American International Group, General Motors, Chrysler and the financing arms of the two automakers.

Let the mass exodus of talent begin.

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