Pay Czar Caps Salaries For Mid-level Managers Of Bailed-out Firms

Working his way down the executive ranks, the Obama administration's pay czar has capped at $500,000 the annual cash salaries of mid-level managers who work at firms that received bailout funds from the government.

Kenneth Feinberg, Treasury's special master on executive compensation, exempted about a dozen executives from the new limits after hearing arguments that the employees were critical to their firm's success.