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]

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