Treasury to Order Bailed-Out Companies to Slash Executive Pay

A new Treasury Department plan to regulate executive pay at the seven top companies to receive government bailout money will call for cuts in cash payouts that average 90 percent, the New York Times reports. The new rules will apply to the 25 highest-paid executives at Citigroup, Bank of America, the American International Group, General Motors, Chrysler and the financing arms of the two automakers. Cash executives would have received this year will be replaced with company stock that cannot be sold immediately.