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Tonight, the government is about to order companies that took a taxpayer bailout to cut the compensation of their top executives in half. I’m Katie Couric. Also tonight, the H1N1 flu taking a toll on America’s children and their education. Dozens of schools around the country are closed. Tens of thousands of kids told to stay home. And Mexican drug cartels not in Mexico, right here in the United States, making Atlanta their capital. This is the CBS Evening News with Katie Couric.

 

Good evening, everyone. Taxpayers all over the country were outraged when they heard that companies they helped bail out turned around and gave their executives huge bonuses. And now the Obama administration is about to take action. It’s ordering the seven companies that got the biggest bailouts including AIG, Bank of America, and GM to cut the compensation of their 25 highest-paid executives cut it by 50%. Sharyl Attkisson is covering the story tonight. And Sharyl? All that taxpayer anger was finally heard loud and clear.

 

That’s right, Katie. The backlash격렬한 반동 against executive pay is back and this time it’s personal directly hitting the pocket books of highest-paid executives of the companies that got the most taxpayer bailout money. After months of negotiations with the companies involved, Treasury Department Compensation Chief Ken Feinberg will order the deep cuts. At the seven companies that received “Exceptional Assistance” from taxpayers as defined by Treasury, the 25 best-paid executives will have their salaries cut on average by 90%. Total compensation cut in half.

 

The official announcement is yet to come and the exact details aren’t fully known. If Citigroup CEO Vikram Pandit were to have his 2008 compensation of $38 million cut in half, he’ll be left with around $19 million. Hundreds of other banks are exempted면제된 from the drastic cuts soon to be announced. Wells Fargo received $25 billion and hasn’t paid it back. But they’re still subject to lesser compensation limits imposed on the TARP(부실자산구제프로그램).

 

Banks like Goldman Sachs which got $10 billon in Tarp money, but has paid it all back escaped any government interference in compensation. Goldman has set aside $16.7 billion for end of year bonuses so far. We called all seven companies subject to the new restrictions, and Katie, they said they have no comment until the announcement is official. Alright. Sharyl Attkisson in Washington tonight. Sharyl? Thank you.

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