WASHINGTON — The top earners at five big companies still living on federal bailout money will take a 15 percent pay cut this year, the Obama administration’s pay czar says — yet many will still make millions.

Kenneth Feinberg also said cash salaries would be capped at $500,000 this year for the vast majority of the five companies’ top executives. Any further compensation has to be in stock.

Still, he said, 69 of the 119 executives covered by the restrictions will take home pay packages exceeding $1 million.

The announcements Tuesday were the administration’s latest effort to deal with outrage over lucrative pay provided to executives of bailed-out firms while the public copes with stagnant wages and high unemployment.

Taxpayers can still expect to lose tens of billions on the rescues of the five companies: American International Group, GMAC Financial Services, Chrysler Financial, Chrysler and General Motors.

Feinberg said his review refuted companies’ complaints that pay restrictions would drive away top talent. Inside the five companies, 84 percent of the top executives covered by last year’s limits have stayed put, he said.


Only subscribers are eligible to post comments. Please subscribe or to participate in the conversation. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.