but not those still in bankruptcy. that s why gm is exempt from it? no, no, gm is included. i have jurisdiction over the five companies, gm and chrysler. gmac, chrysler financial and aig. bank of america and citigroup repaid their entire obligation. under the law, they are out from under my jurisdiction. can you have any moral suasion with them? i can try to convince them it s wise and sensible and on the merritts makes a lot of sense, but to get the real regulation you need on these banks and wall street, you need some of these other administration initiatives, regulatory reform, corporate
bret: the administration s pay czar is back on the hunt for high salaries at bailed out firms. fox business network correspondent peter barnes has the bottom line. good evening, peter. hey, bret. ken feinberg taking the knife again to the pay of 119 executives at the five firms that got big taxpayer bailouts. tens of billions of dollars each. a.i.g., general motors, chrysler, gmac and chrysler financial. feinberg says he cut the executives cash salaries by a third for this year. most of them to less than $500,000 each. he said he cut their overall compensation, including stock bonuses by 15%. but 69 executives could still take home paychecks of more than a million dollars for this year. feinberg said that s okay, as long as they do a good job and earn it, unlike some executives during the financial crisis who walked away with millions after they ran their companies into the ground. when you say that you add the
aig, general motors, chrysler, gmac and chrysler financial. meanwhile banks and other private lenders are about to lose their $70 billion a year student loans businesses. that s because buried inside health care reform law is a massive overhaul of assistance programs. under the measure banks will no longer get fees from the government acting as a middleman for low income students. they will increase pell grants to students in need and make it easier for graduates to pay back their student loans. georgia police are no longer seeking a dna sample from ben roethlisberger. the steelers star quarterback is accused of sexually assaulting a 20-year-old sledge student at a nightclub earlier this month. roethlisberger s attorney said officials with drew the request weeks ago. neither officials nor the attorney would say why. in july a woman filed a lawsuit saying roethlisberger raped her at a hotel. he s not been charged in either
big impact here. five companies bailed out by taxpayers and haven t paid back that money. aig, general motors, g-mac, chrysler and chrysler financial. now, the pay czar announced today that the top 20 executives at each of those companies are going to have their cash salaries cut this year by 33%. keep in mind they still will be able to receive additional compensation and stock, but the idea is to change the way wall street does business. here s what kenneth feinberg had to say when i sat down with him one on one today. over 80% of the people, the individuals are getting less than $500,000, some sub stablle less, as low as $100,000. i think we re driving down total compensation. we re tying compensation to long-term performance. we re trying to change the rules on wall street and in corporate america. one example here, the aig financial products division. the obama administration blasted
taxes in the new law. in washington, molly henneberg, fox news. bret: the administration s pay czar is back on the hunt for high salaries at bailed out firms. fox business network correspondent peter barnes has the bottom line. good evening, peter. hey, bret. ken feinberg taking the knife again to the pay of 119 executives at the five firms that got big taxpayer bailouts. tens of billions of dollars each. a.i.g., general motors, chrysler, gmac and chrysler financial. feinberg says he cut the executives cash salaries by a third for this year. most of them to less than $500,000 each. he said he cut their overall compensation, including stock bonuses by 15%. but 69 executives could still take home paychecks of more than a million dollars for this year. feinberg said that s okay, as long as they do a good job and earn it, unlike some executives during the financial crisis who