Cos that received bailout twice to seek approval for changes in pay

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New York Times Tags : bailout, india Posted: Tuesday , Jun 09, 2009 at 0119 hrs

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With the government handing out billions in bailouts, Congress passed legislation banning all companies that received support from the Troubled Asset Relief Program from paying their top 25 executives bonuses greater than a third of their salary, though they were not subject to specific salary cap.

The banking industry had been lobbying the Obama administration to exclude traders and other highflying salespeople from the top 25, fearing it would lose top talent to competitors.

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