Some will have reasons to be happy, some will not, as Feinberg says there will be few those who will receive base salaries of more than $500,000 this year.
According to the bailout rules, the top 25 executives of the five companies are banned from receiving more than $500,000 in base cash salary unless a good reason for a higher pay is provided.
There will be some exceptions for GM, even though the carmaker will remain under scrutiny until it makes an initial public offering.
"In General Motors, there will be some people that the company has convinced me should be receiving compensation in excess of $500,000 in base cash salary, there will be some of them," Feinberg was quoted as saying by the source at the Society of American Business Editors and Writers conference.
"My understanding is they are planning at some point an IPO that would result in the issuance of stock and the sale of the stock that would result in the repayment to the taxpayer,"
In Chrysler's case, there will also be some executives paid in excess of the $500,000 base cash, as well as in Chrysler Financial. No one from GMAC however will be allowed to receive more than the rules say, Feinberg added.
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