Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

A Member of the Law Professor Blogs Network

Wednesday, October 21, 2009

Pay Czar Will Order Pay Cuts at Seven Recipients of Bailout Funds

The federal "pay czar," Kenneth Feinberg, will order the seven companies receiving the most federal bailout money to reduce the cash compensation to their 25 highest-paid employees by about 90%.  Many employees will instead receive restricted stock.  Total compensation to those employees will be reduced by about 50%.  Feinberg will also require a number of corporate governance changes, such as splitting the CEO and Board Chairman positions and eliminating staggered boards.  NYTimes, U.S. to Order Steep Pay Cuts at Firms That Got Most Aid; WSJ, Pay Czar to Slash Compensation at Seven Firms.

http://lawprofessors.typepad.com/securities/2009/10/pay-czar-will-order-pay-cuts-at-seven-recipients-of-bailout-funds-.html

News Stories | Permalink

TrackBack URL for this entry:

http://www.typepad.com/services/trackback/6a00d8341bfae553ef0120a60fcc81970b

Listed below are links to weblogs that reference Pay Czar Will Order Pay Cuts at Seven Recipients of Bailout Funds :

Comments

Post a comment