Wednesday, October 21, 2009

This is the way the world ends.
This is the way the world ends.
This is the way the world ends.
This is the way the world ends.
This is the way the world ends.
This is the way the world ends.
This is the way the world ends.
Not with a bang, but with a whimper:

US plans big pay cuts at US bailout firms
AP source: Administration to order big pay cuts for top US executives at bailout companies

WASHINGTON (AP) -- The Obama administration plans to order companies that received huge U.S. government bailouts last year to sharply cut the compensation of their highest paid executives.
A person familiar with the decision, who spoke on condition of anonymity because it has not been announced, says the seven companies that received the most assistance will have to cut the annual salaries of their 25 highest-paid executives by an average of about 90 percent from last year.
This person says the Treasury Department will announce the deep pay cuts within the next few days.
The seven companies are: Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial.

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