Treasury to limit pay at 3 companies

Treasury to limit pay at 3 companies

washington

The Treasury Department will limit 2010 cash salaries at three major companies — including General Motors — that have not yet paid back federal bailout funds, the department announced Friday. The Treasury will limit the salaries for 225 of the top earners at GM, GMAC, the automaker’s financing arm, and insurance giant American International Group. Only five executives will be allowed to make more than $500,000. In 2009, 69 other officials made more than $500,000, according to the Treasury.

Flood insurance program renewed

Columbus

The National Flood Insurance Program has been reauthorized until the end of May 2010, the Ohio Department of Insurance said Friday. Ohio homeowners can apply for new policies and renew old policies to cover flood damage. The program, which has been suspended since March 28, was reauthorized by Congress on Thursday. Standard homeowners’ insurance policies do not cover flooding. Funding for the National Flood Insurance Program, which helps homeowners protect themselves financially from flooding, must be approved by Congress.

From wire reports