Executive Compensation
1,087 views · Published 22 October 2009 · 0:29 · Indexed 17 October 2026
Channel: Senator Bernie Sanders · 2009 · News & Politics
The Obama administration is set to announce that seven companies that took the biggest taxpayer bailouts must slash the annual salaries of their 25 top executives by an average of 90 percent from 2008 levels. Overall, the total compensation for the 25 executives, including yearly bonuses and retirement pay, will be cut by an average of around 50 percent. Moreover, executives who want more than $25,000 in fancy perks like private planes, limousines, company cars or country club memberships -- will have to get government permission first. The seven companies are Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial.
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