TV News LIES

Tuesday, Aug 21st

Last update05:20:13 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...


CBO downgrades economic growth projection for 2018

CBO downgrades projections for 2018The U.S. economy will grow at 3.1 percent in 2018, according to updated projections by the...

Facebook stock drops 19%, loses $120 billion in value after warning that revenue growth will take a hit

Facebook stock plummeets Facebook Inc. is evidently not bulletproof. On Thursday, Facebook FB, -19.04% has lost about $120 billion in...

Apple makes history by becoming first company to reach $1 trillion market value

Apple becomes trillion dollar company Apple, which already held the crown as the most-valuable company on earth, made Wall Street history...

Trump threatens to hit all $505bn of Chinese imports with tariffs

Trump threatens to hit all $505b in Chinese tariffs Donald Trump escalated economic global tensions on Friday, lashing out a range of targets that included...
 
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!