Execs at bailed out US firms face pay cuts

Rappler.com

After receiving a hefty $700 billion bailout from the US government at the height of the economic crisis in 2008, executives were ordered to take pay cuts. This order from the federal government will affect about 70 executives from these beneficiary companies that include American International Group (AIG), which still owes taxpayers around $50 billion, General Motors (still to pay back about $25 billion), and Ally Financial Inc. The executives face a 10% pay cut in their annual compensation, which in turn will be frozen at their 2011 levels.

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