Buyers Not Buying GM Shake-Up, Poll Says
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), which recently repaid the government funds, or Citigroup (C), 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.
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