Closing Arguments: Obama Slashing Exec Pay

By David Schoetz

Oct 21, 2009 11:27pm

The top 25 best-paid executives at the seven corporations that received the biggest taxpayer bailouts will face a significant pay cut this year. The companies include: Bank of America Corp., American International Group, Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial. President Obama's "pay czar" Ken Feinberg will announce up to 90 percent salary cuts; with total compensation — including those big bonuses — cut in half. Any executives perks worth more than $25,000 will require government approval. The companies, as you might imagine, are not happy about it — fearing that they may lose their best talent. But tonight, we ask: Do you think the government should cut executive pay at companies like this? Is it too much? Or perhaps too little? Tell us what you think. You can follow "Nightline" anytime on Twitter: http://twitter.com/Nightline.

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