GMAC’s Carpenter Gets Pay Package Rivaling Blankfein (1.2 Million for 1.5 months)

[WriteDown]

Source: Bloomberg

March 2 (Bloomberg) -- GMAC Inc., the auto and home lender that hasn’t posted a profit since 2008, gave Chief Executive Officer Michael Carpenter a pay package rivaling that of Goldman Sachs Group Inc. CEO Lloyd Blankfein, who runs the most profitable securities firm in U.S. history.

GMAC paid Carpenter about $1.2 million in salary and restricted stock for the month-and-a-half he was employed by the Detroit-based company last year, equivalent to full-year pay of $9.5 million, according to a regulatory filing yesterday. Goldman Sachs paid Blankfein $9.6 million for 2009.

Carpenter, a 62-year-old former Citigroup Inc. executive who also ran Travelers Life & Annuity Co. and Kidder Peabody Group Inc., replaced former CEO Alvaro de Molina in mid- November. Carpenter’s package was approved by Kenneth Feinberg, the Obama administration paymaster who oversees GMAC compensation because the company received $17.3 billion in taxpayer bailout funds, GMAC said in the filing.

“His compensation was determined by the special master and reflects his experience leading other large complex financial- services organizations,” spokeswoman Gina Proia said in an interview. “Mike has joined GMAC at a critical time in turning around the operation.”

GMAC reported a loss in nine of the past 10 quarters and hasn’t had a profit since the final quarter of 2008. The company posted a record $3.9 billion loss in the fourth quarter and lost $10.3 billion for the year. De Molina received $3.7 million last year, according to the filing.

Read more: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=avAmNTySvDfw

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Sounds reasonable.

On edit: Corrected headline

[WriteDown]

1. I don't think GMAC has any interest in being profitable anytime soon. nt

[liberation]

2. 1.2 million for 1 month and a half...

... it works out to $26K a day. $3.3K an hour. $55 a minute.

In the time, it took me to write this down, Mr. Carpenter made over $100.

[WriteDown]

3. It's good work if you can get it. nt

[notadmblnd]

4. they seem to just hop around from seat to seat plundering any company they come in contact with.

But I'm sure he was worth it:sarcasm:

[HughBeaumont]

5. And getting lotteries for doing so.

But don't we GET it? Itz becauz they're TALENTED and they werk HARDSER than us! :sarcasm: :eyes:

[WriteDown]

7. They're worth every penny. nt

[WriteDown]

6. Can you really say that about this guy though?

http://wot.motortrend.com/6624164/industry-news/hes-baaack-fritz-henderson-hired-as-gm-consultant-gets-3000-an-hour/index.html

[benld74]

8. Karma will be bad to this one yes,,