Bailout firms' CEOs face pay cuts

WASHINGTON/NEW YORK: Top earners at financial and auto companies bailed out by the US government will see their pay slashed under an Obama administration plan aimed at addressing public outrage over eye-popping paychecks, two sources familiar with the matter said.

The plan calls for halving overall compensation, and cutting cash salary payouts by an average of 90 percent, said the sources, who requested anonymity because they were not authorized to speak publicly about the matter.

The sweeping cuts, being negotiated by US pay czar Kenneth Feinberg, would mark a bold move for an administration that has railed against excessively high pay on Wall Street.