Obama says slash of executive compensation "important step forward"

09:05, October 23, 2009      

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U.S. President Barack Obama said on Thursday that the government decision to slash executive compensation at companies receiving huge taxpayer bailout money was an "important step forward," but stressed that "more work needs to be done."

"I believe he (Kenneth Feinberg) has taken an important step forward in curbing the influence of executive compensation on Wall Street while still allowing these companies to succeed and prosper, but more work needs to be done," said the president.

As the special master at Treasury appointed to handle compensation issues as part of the government's 700-billion-dollarfinancial bailout package, Feinberg on Thursday ordered seven firms that received the most federal aid to slash the compensation to their highest-paid employees.

The seven companies are Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial.

Source: Xinhua
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