SIGTARP REPORT | Treasury Continues Approving Excessive Pay for Top Executives at Bailed-Out Companies

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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.

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2 Responses to “SIGTARP REPORT | Treasury Continues Approving Excessive Pay for Top Executives at Bailed-Out Companies”
  1. BOBBI SWANN says:

    Okay, tell me if I have this correct. SIGTARP was formulated by Obama to ‘clean up’ fraud, misuse of taxpayer funds, etc. SIGTARP reports it’s findings to Congress regarding such abuses and fraud. And Congress, whose members have been funded in office by every known banker, is going to do what????? If you go to their site and see all their cases that have been filed, you will see NONE, NONE of them include any crimminal prosecution. And now this report (mind you, for the SECOND time) is reporting abuse is going to Congress. Well, so what!!!!!

  2. Sarah says:

    Where does a poster start the rant? Tim Geithner is a corrupt obligatory puppet of the Bankster class. After blasting his constituents with TARP et al, bailout loot he makes certain royalty maintains ransom level compensation. Gotta have fraudclosure, unemployment and higher levels of economic ruin to maintain the status quo!

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