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Salaries for top GM, GMAC earners to be limited

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Treasury: Salaries for top GM, GMAC earners to be limited

Martin Crutsinger / Associated Press

Washington -- The Treasury Department says three big companies still living on federal bailout money will see cash salaries for 225 of their top earners limited in 2010 so that only five of those executives will be making cash salaries above $500,000.

The Treasury Department said that would be a reduction from 69 officials in this group who were earning cash salaries above $500,000 in 2009.

The three firms involved are General Motors and its financing arm GMAC and insurance giant American International Group.

From The Detroit News: http://detnews.com/article/20100416/AUTO01/4160418/1148/auto01/Treasury--Salaries-for-top-GM--GMAC-earners-to-be-limited#ixzz0lIVF3AXX

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