Pay czar to limit top GMAC execs' compensation

Freep.com: WASHINGTON - The Obama administration's pay czar is limiting 2010 compensation for top executives at GMAC because the auto-finance giant continues to lose money and can't yet repay its $16.3-billion taxpayer bailout, according to people familiar with the negotiations.

Only one of the top 25 earners at GMAC will earn more than $500,000 in cash, and CEO Michael Carpenter will receive only stock compensation, said the people, who spoke on condition of anonymity because they were not authorized to discuss the talks. Read Article

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