National

Oct 22, 2009 9:44 AM by Associated Press

TARP head says pay cuts for executives are justified

The head of a committee that oversees the federal bailout fund says executive compensation in the country's large corporations is excessive and must be brought under control.

In confirming administration plans, Elizabeth Warren said Thursday the time had come to substantially cut back compensation for the top officers of several companies that got money from the $700 billion TARP fund.

In advance of a likely announcement of executive pay cuts ranging to 90 percent, Warren told CBS's "The Early Show" the rollback is "real." She said that the message is: "Guys, you have got to understand that you can't party on like it's 2007." A person familiar with the matter said earlier that Treasury special master Kenneth Feinberg is expected to announce the cuts in the next few days.

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