US Bailout Companies Ordered to Cut Pay
TIMES ONLINE: Top executives at US companies that have not yet repaid billions of dollars of taxpayers' bailout money will be forced to take pay cuts of up to 90 per cent after a ruling by President Obama's pay czar.

The most senior 25 employees at Citigroup, Bank of America, American International Group, General Motors, Chrysler, as well as the financing arms of the two car companies, will see their basic salary fall to just 10 per cent of previous pay, with some earnings replaced with shares in the company that cannot be sold for several years.

The result of the measures will be an average remuneration reduction of 50 per cent.

The move is designed to link the personal self-interest of board members with the long-term health of the company and will be closely watched in the UK, as ministers grapple with how to limit the excesses of bonus culture at British banks. >>> Rebecca O'Connor | Thursday, October 22, 2009

Charles “Chuck” Prince in Line for Bonanza
TIMESONLINE: Charles "Chuck" Prince, the deposed head of Citigroup, is in line to walk away from the Wall Street giant with a total pay, perks and shares payout worth just under $100 million, it has emerged.

The payout for Mr Prince, who stays on as a consultant until the end of the year, include a pro-rata cash "incentive award" currently estimated to be worth $12 million.

It also includes $10,716,469 in restricted share awards and $16,046,703 in stock options that will automatically vest at his departure.

Mr Prince, whose exit was sealed late last week, already owns 1.61 million shares in Citi, currently worth about $53 million. Ex-Citigroup chief to exit with almost $100m: Charles 'Chuck' Prince is expected to leave the bank with a $42m package on top of shares worth $53m By Miles Costello

Mark Alexander