WASHINGTON – The four companies that are still receiving the largest amounts of government bailout aid won’t be able to raise the amount of cash they pay out to their top executives this year, the administration’s pay czar has ruled.
The decisions, released late Friday, cover 2011 compensation for the top 25 executives at General Motors Co., Chrysler, American International Group Inc. and Ally Financial Inc., the former financing arm of GM. The rulings clear the way for millions of dollars in salary and bonuses to be paid out by companies that are still repaying the billions in aid they received from the government’s $700 billion Troubled Asset Relief Program.
While the companies can’t give cash raises, they are allowed to boost the value of deferred stock awards to their executives.
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