TV News LIES

Wednesday, Feb 21st

Last update03:27:39 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...


S&P 500 closes above 5,000 for first time as US inflation cools

S&P closes above 5000 US stock markets hit another historic high on Friday, with the S&P 500 closing above 5,000...

Wayfair lays off over 1,000 employees weeks after CEO told company to 'work longer hours'

Wayfair layoffs Online home goods retailer Wayfair announced Friday that it is laying off approximately 1,650 employees, representing...

Wall Street notches fresh records as S&P 500 and Dow Jones close at all-time high

Wall Street notches gains at all time high Wall Street scaled fresh records on Monday, as the S&P 500 and the Dow Jones industrial...

Citigroup to cut 20,000 jobs after steep quarterly loss

Citigroup cuts 20,000 jobs Citigroup will cut 20,000 jobs by the end of 2026 after enduring a steep loss in...
 
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!