Late last week, the Obama Administration ordered seven companies who received a significant amount of federal loan to cut the salaries of their top-level executives by an average of 90 percent and cut total compensation (including cash, stock and perks) by half.

General Motors CEO Fritz Henderson was amongst the many executives who saw government-imposed cuts in his own salary. Speaking to the press today between meetings with lawmakers on Capitol Hill, Henderson said that the cuts were “fair” and “thoughtful.” He said that the changes were “tough, but the situation is tough.”

Fritz’s salary was cut by 25 percent bringing his annual salary to $950,000 a year. Before the cuts, Henderson”s yearly salary came in at $1.3 million.

The cuts are being overseen by Obama’s pay czar, Kenneth Feinberg.

- By: Omar Rana

Source: Free Press