Wed Jan 30, 2013, 02:49 AM
HiPointDem (20,729 posts)
Treasury approved excessive pay for executives at bailed-out AIG, GM and Ally
Last edited Wed Jan 30, 2013, 04:01 AM - Edit history (1)
WASHINGTON — A government report Monday criticized the U.S. Treasury Department for approving “excessive” salaries and raises at firms that received taxpayer-funded bailouts during the financial crisis.
The Special Inspector General for the Troubled Asset Relief Program said Treasury approved all 18 requests it received last year to raise pay for executives at American International Group Inc., General Motors Corp. and Ally Financial Inc. Of those requests, 14 were for $100,000 or more; the largest raise was $1 million.
Treasury also allowed pay packages totaling $5 million or more for nearly a quarter of the executives at those firms, the report says.
Also noted: A $200,000 raise was approved for an executive of Ally’s mortgage-lending subsidiary Residential Capital LLC just weeks before ResCap filed for bankruptcy protection. Ally was GM’s financial arm until it was taken over by the government in the bailout.
The report says Treasury bypassed rules under the 2008 bailout that limited pay. Treasury approved raises that exceeded pay limits and in some cases failed to link compensation to performance, it notes.
meanwhile, new hires at GM now start at something like $11/hour.
you can see where the 'savings' went.
9 replies, 797 views
Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Treasury approved excessive pay for executives at bailed-out AIG, GM and Ally (Original post)
|Unknown Beatle||Jan 2013||#5|
Response to HiPointDem (Original post)
Wed Jan 30, 2013, 02:59 AM
WCGreen (45,558 posts)
1. This country is really fucked up...
We have a Senate that is more interested in playing who has the bigger dick, a House that is only interesting in getting something in print to prove how crazy they are so they can slap that on their campaign crap and a president who is more and more relying on executive orders to run the show.