Mario Gabelli took a $600,000 pay cut in 1999, but he still had a pretty good year.

Gabelli Asset Management paid Gabelli, the firm's chairman, chief executive officer and chief investment officer, nearly $41.8 million in compensation in 1999, according to a proxy statement the firm filed with the SEC April 20. The pay was down from Gabelli's nearly $42.4 million compensation in 1998, according to the proxy statement.

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