[BITList] poor sods

[s14engine]

this is not fair - capping salaries at $500,000...............half a mil goes nowhere these days!

ct

Pay czar caps salaries at $500,000 for bailed out firms
Posted Dec 12th 2009 12:20PM by Connie Madon
Filed under: Management, Industry, Employees, Headline news

Kenneth Feinberg of the U.S. Treasury Department is the point man who reviews salaries at firms which received bailout money.

His latest move was to cap the compensation at four financial firms: Citigroup Inc. (C), American International Group (AIG), General Motors Corp. (GRM) and GMAC (GMA). The pay structures affect 28 through 100 highest paid employees. Compensation is capped at $500,000.

Exceptions were made for two AIG employees who threatened to quit. Their caps were raised to $950,000 and $1.5 million.

The caps placed on bankers' compensation is a stab a quelling public anger over record bank bonuses being awarded this year.

This week the UK and France are to slap a 50% tax on their respective banks' bonuses.
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