Pay Czar OKs Rule-Busting Pay at Bailout Firms
$500K cap lifted for top auto industry execs
By Rob Quinn,  Newser Staff
Posted Dec 24, 2009 4:42 AM CST
A $6.2 million compensation package for General Motors CFO Christopher Liddell, including a $750,000 salary, has been approved.    (AP Photo/Carlos Osorio, file)
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(Newser) – "Pay czar" Kenneth Feinberg has made more exceptions to the $500,000 salary cap for execs at bailed-out firms. Compensation packages approved this week include a $9.5 million plan for GMAC CEO Michael Carpenter, which includes a $950,000 salary, Reuters reports. The exemptions were agreed to because they were "exceptional cases," according to a Treasury official, who did not elaborate.