Report: Treasury approved excessive pay for executives at bailed-out AIG, GM and Ally
Source: WaPo
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.
But pay surpassed that level for 63 percent of the executives whose pay was approved, according to the report.
The report also said Treasury officials had been warned a year ago that the department needed to reform its procedures to ensure that the pay guidelines are followed.
Read more: http://www.washingtonpost.com/business/report-treasury-approved-excessive-pay-for-executives-at-bailed-out-aig-gm-and-ally/2013/01/28/7e9f52ba-697d-11e2-9a0b-db931670f35d_story.html
KoKo
(84,711 posts)More corruption.
Lasher
(27,567 posts)Not General Electric
SoapBox
(18,791 posts)If you've ever been a Wall Street Bankster type...
you are rotten through and through...amazing how they protect their own.
leveymg
(36,418 posts)Now, spic and span bleached white bones.
Octafish
(55,745 posts)Friends of Geithner.
What is must pay to be, Alex?
NorthCarolina
(11,197 posts)well, ok, not really. Hopefully people are still paying attention, but I don't have 'high hopes' in that regard either.
lordsummerisle
(4,651 posts)and people wonder why so many are disengaged from politics when this sort of thing is revealed?
They realize (correctly) that the game is rigged, so why bother? I'm almost at this point myself...