NEW YORK - The Obama administration plans to order companies that have received exceptionally large amounts of bailout money from the government to slash compensation for their highest paid executives, according to a person familiar with the decision.
The deep cuts mean that the 25 most highly paid executives at these seven firms will see their total compensation for 2009 reduced by an average of 50 percent from last year, according to the source, who spoke on the condition of anonymity because the plan has not been made public.
Cash compensation will be reduced the most -- by about 90 percent, the source said. Treasury is expected within days to release the ruling by Kenneth Feinberg, the administration's special master on compensation.
I wonder how real this is... we'll find out!