Breaking news right now on Msnbc - Obama admin will order steep pay cuts on the top 7 bailed out firms. Some of those firms are:

GM, Citi, Chrysler, AIG and Bank Of America.

He will make the annoucement next week.

I will add more as it comes.

Update # 1

From the New York Times

And at all of the companies, any executive seeking more than $25,000 in special perks — like country club memberships, private planes, limousines or company issued cars — will have to apply to the government for permission. The administration will also warn A.I.G. that it must fulfill a commitment it made to significantly reduce the $198 million in bonuses promised to employees in the financial products division.

Ha ha they have to ask permission- ha ha

update # 2 ( thanks to jsfox) from the New York Times

Under the plan, which will be announced in the next few days by the Treasury Department, the seven companies that received the most assistance will have to cut the cash payouts to their 25 best-paid executives by an average of about 90 percent from last year. For many of the executives, the cash they would have received will be replaced by stock that they will be restricted from selling immediately. And for all executives the total compensation, which includes bonuses, will drop, on average, by about 50 percent. The companies are Citigroup, Bank of America, the American International Group, General Motors, Chrysler and the financing arms of the two automakers. At the financial products division of A.I.G., the locus of problems that plagued the large insurer and forced its rescue with more than $180 billion in taxpayer assistance, no top executive will receive more than $200,000 in total compensation, a stunning decline from previous years in which the unit produced many wealthy executives and traders.

Here is the link: http://www.nytimes.com/...