Feinberg hikes base pay at US companies

Written by Reuters | Updated: Oct 29 2009, 05:41am hrs
Kenneth Feinberg, the Treasury bailout programmes special master for compensation, who cut total compensation for top earners at seven bailed-out firms last week, increased base salaries at the companies, the Wall Street Journal said, citing its own analysis of Treasury data.

Base salaries at the companies on average rose 14% to $437,896 a year, the paper said, adding that 89 of the 136 employees under the pay czars review got a raise in base salary.

It added that Feinberg agreed to more than double cash salaries for 13 of 21 Citigroup Inc employees. Government officials said they agreed to increase some base salaries in the wake of some companies expressing concern that the pay czar was planning to lock up too much employees compensation for the long-term. Last week, Feinberg slashed overall pay by more than half for top earners at seven companies that received massive taxpayer bailouts.