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Government audit criticizes exec pay at GM, Ally, AIG after bailouts

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User ID: 32831057
United States
01/28/2013 10:17 PM
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Government audit criticizes exec pay at GM, Ally, AIG after bailouts
The report released Monday was critical of the Treasury's special master overseeing executive pay at companies that got very large bailouts: Cash salaries of $450,000 or more were approved for 94 percent of the top 25 employees each at AIG, GM and Ally.

"While taxpayers struggle to overcome the recent financial crisis and look to the U.S. government to put a lid on compensation for executives of firms whose missteps nearly crippled the U.S. financial system, the U.S. Department of the Treasury continues to allow excessive executive pay," the report said.

The executives at GM, Ally and AIG "continue to rake in Treasury-approved multimillion-dollar pay packages that often exceed guidelines" previously announced, the report said.

From The Detroit News: [link to www.detroitnews.com]

[link to www.detroitnews.com]

Last Edited by Founders Fan on 01/28/2013 10:19 PM
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