**US President Barack Obama’s pay tsar has told executives at five bailed-out firms, including AIG, GM and Chrysler, to take a pay cut.**Kenneth Feinberg has ordered the 2010 pay of almost 120 bosses at the firms to be shaved by an average of 15%.
Earlier this year AIG made substantial bonus payments on old contracts.
At the time, Mr Feinberg called these “outrageous” and promised that such largess would soon become a thing of the past.
The five companies are the insurance giant AIG, and carmakers GM and Chrysler as well as GM’s former finance arm, GMAC and Chrysler Financial.
AIG was bailed out with $182.3bn (£121bn) of US aid in 2008, and staff paid back a proportion of their bonuses for 2009.
Mr Feinberg oversees the pay deals of senior bosses at banks and other financial groups who have received financial support from the US government under the Troubled Asset Relief Program (Tarp).
His formal job title is special master for Tarp executive compensation.