SIGTARP REPORT | Treasury Continues Approving Excessive Pay for Top Executives at Bailed-Out Companies
Treasury Continues Approving Excessive Pay for Top Executives at Bailed-Out Companies
In a new report the Special Investigator for TARP cites the Treasury Department for allowing excessive pay to bailout companies:
SIGTARP found that once again, in 2012, Treasury failed to rein in excessive pay. In 2012, OSM approved pay packages of $3 million or more for 54% of the 69 Top 25 employees at American International Group, Inc. (“AIG”), General Motors Corporation (“GM”), and Ally Financial Inc. (“Ally,” formerly General Motors Acceptance Corporation, Inc.) – 23% of these top executives (16 of 69) received Treasury-approved pay packages of $5 million or more, and 30% (21 of 69) received pay ranging from $3 million to $4.9 million. Treasury seemingly set a floor, awarding 2012 total pay of at least $1 million for all but one person…
Treasury made no meaningful reform to its processes.
Full report below…