The Obama administration appears to be punishing some executives at the financial institutions it helped bail out… except for those firms that have already repayed their TARP loans.

• Despite the fact that pay for the top executives will be cut by roughly 50% of total compensation this year, in some cases salaries could still be multi-million dollar packages.
• The “Pay Czar” – Kenneth Feinberg of the Treasury Department – created this compensation plan for the 7 companies that borrowed the most TARP funds.
• The companies that have paid back their TARP funds, including JPMorgan Chase, Goldman Sachs and Morgan Stanley will not face restrictions on pay.

Facts and Figures

• Executive perks that are worth more than $25,000 will require government approval.
• The 7 companies where pay is restricted are: Bank of America, Citigroup, American International Group, General Motors, Chrysler and the two financing arms of GM and Chrysler.
• The departing CEO of Bank of America won’t receiving a salary or bonus this year (his pension is still more than $50 million).

Tags: compensation, pay, TARP