Kenneth Feinberg, the Obama administration's pay czar, slashed executive pay at American International Group Inc. (AIG) and four other U.S. firms that still depend on government funds, claiming that the clampdowns are not resulting in talent leaving their posts.
Feinberg, a Washington lawyer who was appointed by President Obama to oversee pay at firms receiving taxpayer bailouts, cut 2010 pay for the highest-paid employees at those firms by an average of 15%, compared with 2009. Cash pay was cut 33% on average, the Treasury Department said. Feinberg is in charge of setting the pay packages for the 25 top earners at the five firms that received "exceptional assistance" from the government's $700 billion Troubled Asset Relief Program (TARP) and have not yet substantially repaid the funds.
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