Kenneth Feinberg, the Treasury Department “pay czar,” ordered a major reduction in the compensation of top earners at Wall Street firms which received TARP funds:
The plan, for the 25 top earners at seven companies that received exceptional help, will on average cut total compensation this year 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.
Guess what? Looks like there’s no more incentive for the execs to try to turn the companies around. Good luck if you own the stocks of these fine American companies…
