Pay czar cuts executive salaries at five TARP recipients by an average of 15 percent from BailoutSleuth

The highest-paid executives at five companies that got large amounts of TARP money will have their compensation cut by an average of 15 percent this year, federal pay czar Kenneth Feinberg said Tuesday.

The decision affected 119 executives at these companies: American International Group Inc, Chrysler LLC, Chrysler Financial LLC, General Motors Corp. and GMAC Inc.

Cash salaries will be $500,000 or less for 82 percent of the executives named in the ruling, which essentially covered the 25 highest-paid employees at each company.

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