TV News LIES

Wednesday, Oct 22nd

Last update05:39:55 AM GMT

You are here News Economy Report: Treasury approved excessive pay for executives at bailed-out AIG, GM and Ally

Report: Treasury approved excessive pay for executives at bailed-out AIG, GM and Ally

E-mail Print PDF

US Treasury The U.S. Treasury Department disregarded its own guidelines by allowing large pay increases for executives at three firms bailed out during the financial crisis, a report released Monday says.

The Special Inspector General for the Troubled Asset Relief Program said Treasury approved all 18 requests it received for executive raises at American International Group Inc., General Motors Corp. and Ally Financial Inc. Of those requests, 14 were for $100,000 or more. One raise, for the CEO of a division at AIG, was for $1 million.

The three firms together received nearly $250 billion from the bailout fund. Only AIG has fully repaid its $182 billion 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.

Christy Romero, the special inspector general for TARP, said the guidelines say compensation should not exceed the 50th percentile of pay for executives in similar positions at other financially distressed companies.

More...


Most Recent Related Stories...


Yellen says US experiencing widening inequality

Janet YellenFederal Reserve Chair Janet Yellen said Friday that the last several decades have seen the most...

German downturn casts shadow over world economy

German economy turns downwardAs if the global economy didn't have enough troubles, it looks like Germany, Europe's traditional growth...

Banks accept derivatives rule change to end 'too big to fail' scenario

London financial districtThe $700 trillion financial derivatives industry has agreed to a fundamental rule change from January to...

Hewlett-Packard to split into two public companies, lay off 5,000

hewlett packardHewlett-Packard Co (HPQ.N) said it would split into two listed companies, separating its computer and printer...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!