Treasury pay czar limits pay at automakers, banks

WASHINGTON – The Obama administration's pay czar is limiting the cash compensation for executives at companies that received the largest taxpayer bailouts to $500,000 and delaying some other payouts.

The rules apply to the 25th through the 100th top earners at Citigroup, GMAC, American International Group and General Motors. Treasury says about 12 executives were granted exemptions to the $500,000 cash cap.

Treasury pay czar Kenneth Feinberg already announced specific pay packages for the top 25 earners at firms he oversees. He says the new rules apply only to the second half of December but will affect many executives' bonuses and stock grants.

Feinberg's rulings don't apply to Bank of America because its bailouts were repaid this week. Chrysler and Chrysler Financial also were exempt because executives there made less than $500,000.