Pay Czar Rules On Bailed-Out Executives' Salaries

The pay czar has spoken. Late yesterday, the Treasury Department’s pay czar, Kenneth Feinberg, ruled on whether executives of bailed-out companies can receive higher salaries than the $500,000 limit. Rulings included exemptions for General Motors, GMAC, and Chrysler. Citigroup has repaid enough of its bailout funds that it will be exempt from pay caps in 2010. [Marketwatch]