Kenneth Feinberg, the Obama administration's special master for executive pay, set $500,000 salary limits for employees at four companies that received "exceptional" U.S. bailout funds.
Citigroup Inc., American International Group Inc., General Motors Co. and GMAC Inc. will be subject to Friday's rulings, which govern 2009 compensation for the 26th through 100th highest-paid workers at the firms. The limits, which apply only for the remainder of this year, are likely to affect annual bonuses, Feinberg said at a briefing. About 12 of the 450 affected workers were exempted from the caps, he said.
