Pay Czar Cuts Compensation at Bailout Firms

White House “pay czar” Kenneth Feinberg announced new compensation restrictions that will cut into the checks of hundreds of highly-paid executives at bailed out firms. Except in a handful of cases, employees at Citigroup, AIG, GM, and GMAC will have their base compensation capped at $500,000, CNNMoney reports. That’ll wind up cutting into the pay of 75% of the companies’ highest-paid employees. “We want to minimize these runaway perks,” Feinberg said. (More Kenneth Feinberg stories.)