Exec pay rules coming in days

WASHINGTON: The Obama administration will unveil executive pay rules for firms receiving government aid by the end of the week and will name a "pay czar" with power to reject compensation plans at firms getting "exceptional assistance," an administration official said.

"In the case of a company receiving exceptional assistance, the special master would have the authority to disapprove of a company's compensation plan if he determined they were paying excessive and unjustified salaries to their top executives," the official said.

In early February, the administration had said it would put a $500,000 per year cap on the salaries of executives whose firms were being supported with money from the government's $700 billion rescue fund. Any compensation above that amount was to have been in restricted stock or a similar long-term bonus incentive.