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Pay czar orders 15 percent pay cut for bosses at bailed-out firms

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WASHINGTON — President Barack Obama’s pay czar on Tuesday ordered executive compensation at prominent bailed-out firms to be cut by 15 percent, amid voter anger over Wall Street pay.

Kenneth Feinberg said 119 executives at AIG, Chrysler, Chrysler Financial, General Motors and its troubled former finance arm GMAC would see their cash rewards slashed by a third and their total pay cut by 15 percent versus last year.

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All five firms received taxpayer money to stay afloat during the financial crisis, which continues to weigh on US economic recovery.

Feinberg also sent a letter to more than 400 firms who got government bailouts before February 2009, asking them to disclose details of the top 25 executives receiving annual pay of more than 500,000 dollars.

It marks the first time the government will look into pay at a broad swath of firms that took government bailout funds.

But the list contains some familiar names from the financial crisis including; American Express, AIG, Bank of America, Chrysler, Morgan Stanley, Citigroup, General Motors, JP Morgan Chase, the Bank of New York Mellon and Wells Fargo.

In a statement, the Treasury said Feinberg’s review would “determine whether any payment was contrary to the public interest — and, if any such payment is identified, will seek to negotiate reimbursements to the federal government.”

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It is the latest in a series of pay reviews ordered by the Obama administration, which has denounced the culture of paying large executive bonuses at failing firms.

Critics say the pay limits at bailed-out firms stop them from attracting top talent.

In a statement announcing the 2010 measures, the Treasury Department — where Feinberg is based — said 84 percent of the executives included in last year’s rulings remain at their firms.

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WATCH: Arizona man throws tantrum about masks — and his son has to pick him up and carry him out of the store

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Video posted online purports to show a man being carried out of a store in Tucson, Arizona after a loud rant against wearing masks.

"People won't learn, these people won't learn," a man in a blue shirt, shorts and sunglasses is heard saying, to nobody in particular.

"You're a bunch of idiots wearing masks, you know it's not real," he shouted.

"Look at you fools, you got a f*cking doily on your face. You ret*rd, you look like you f*cking got it off your mom's countertop," he continued.

At thq5 point, a much larger man with a mask over his beard approached the anti-mask activist.

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2020 Election

Trump campaign dispatches Pence to shore up Mormon support — after harsh criticism from Mitt Romney and Jeff Flake: report

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The president's 2020 election campaign continues to play defense in Arizona, a once reliably-Republican state.

"President Donald Trump's reelection campaign is looking to shore up support among a specific population of Arizonans: members of the Church of Jesus Christ of Latter-day Saints," the Arizona Republica reported Monday. "Vice President Mike Pence is coming to Mesa Tuesday to help launch a 'Latter-day Saints for Trump' coalition in what appears to be a late-in-the-game play to win over LDS voters, who tend to vote Republican but hold values that clash with some of the president's."

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2020 Election

Here’s how Trump created a ‘significant threat’ to his re-election by failing on coronavirus stimulus

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Politico on Monday reported on how Donald Trump may have imperiled his 2020 presidential campaign by failing to reach a deal with Congress on the next round of stimulus.

"After a spring and summer bolstered by cash infusions from the federal government of more than $3 trillion, the U.S. economy may have to sink or swim this fall with a relative trickle of support — presenting a significant threat to President Donald Trump’s standing as he heads into a compressed reelection campaign already trailing in the polls," Politico's Ben White reported.

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