The pay czar, Kenneth Feinberg, is further extending salary restrictions by limiting these executives to salaries of $500,000 and putting an end to bonuses unrelated to performance. Additional restrictions include withholding 50% of compensation for at least three years and limiting cash to 45% of annual salary.
GM could follow in the footsteps of other TARP recipients -- such as Bank of America (BAC - Get Report), which recently repaid the government funds, or Citigroup (C - Get Report), which is expected to repay the funds shortly. The move allowed Bank of America's next 75 highest-paid executives to avoid the recently announced pay restrictions.
-- Reported by Andrea Tse in New York >>See our new stock quote page.