Feinberg OKs compensation at some bailout firms
Washington: US pay czar Kenneth Feinberg on Wednesday approved compensation plans for several executives and top-paid employees at three firms that have received taxpayer aid.
Feinberg approved up to $9.5 million for GMAC CEO Michael Carpenter in 2010, up to $6.2 million for General Motors CFO Christopher Liddell and $600,000 annually in salary stock for Chrysler CEO Sergio Marchionne for his service on the Chrysler board of directors.
The approval for Marchionne does not include his compensation for his role as CEO, which is paid by Fiat SpA, where Marchionne is also CEO.
The totals also include exceptions to the agency's compensation rules. For example, Feinberg agreed to a salary of $750,000 for Liddell, above the $500,000 limit. Liddell is also allowed $3.45 million in salary stock and $2.0 million in restricted stock grants.
Feinberg approved $950,000 in salary for Carpenter and stock salary up to $5.415 million and restricted stock grants up to $3.135 million.
According to a Treasury official, the exemptions were agreed to because they were "exceptional cases."