Top executives at three US companies bailed out by taxpayers during the 2008 financial crisis have been ordered by the federal government to take pay cuts.

The Treasury Department said nearly 70 executives at American International Group Inc., Ally Financial Inc. and General Motors Co. have had their annual compensation reduced by 10 per cent. The CEOs of each company have had their pay frozen at 2011 levels.

All three companies have yet to repay what they received from the $700 billion bailout and therefore are subject to pay cuts.

AIG still owes taxpayers around $50 billion, General Motors owes about $25 billion and Ally Financial about $12 billion.

Even with the compensation freeze, the chief executives are expected to be well paid this year. General Motors CEO Daniel F. Akerson is expected to earn $9 million in stock and salary. Ally Financial’s CEO Michael A. Carpenter is set to earn $9.5 million in total compensation and AIG CEO Robert Benmosche will make $10.5 million.

Akerson has criticised the pay limits, saying GM is losing some of the top talent in its executive ranks because of the government-imposed rules. The Detroit car manufacturers received $49.5 billion from the government in 2008 and 2009.

“It’s the reality we have to live with, as long as we’re under the restrictions,” said GM spokesman Jim Cain.

In a statement, Ally Financial said its executives’ pay “continues to be in line with the stated guidelines” for bailed-out companies and the company is “squarely focused on delivering value for shareholders and repaying the remaining US Treasury investment.”