Post: Bailed-out Execs Got $3M in Raises at TARP Companies

Posted in the Morristown Forum

Born a democrat

United States

#1 Jan 29, 2013
How can we blame this on Bush?

The Treasury Department last year granted more than $3 million in compensation to senior officers at General Motors, Ally Financial and American International Group — despite its own rules regarding executive pay at companies that received taxpayer bailouts.

Patricia Geoghegan, Treasury’s acting special master for compensation, sidestepped agency rules and approved the compensation, according to a report from the special inspector general for the Troubled Assets Relief Program, or TARP.

The report was published by The Washington Post.

Geoghegan last year endorsed $6.2 million in raises for 18 employees at the three companies, The Post reports.

For instance, the chief executive of an AIG division received a $1 million raise, while an official of GM’s troubled European operation received a $100,000 raise.

In another instance, an employee of Ally’s Residential Capital unit got a $200,000 pay increase weeks before it filed for bankruptcy, The Post reports.

“We expect Treasury to look out for taxpayers who funded the bailout of these companies by holding the line on excessive pay,” Christy Romero, special inspector general for TARP, told The Post.“Treasury cannot look out for taxpayers’ interests if it continues to rely to a great extent on the pay proposed by companies that have historically pushed back on pay limits.”

But Geoghegan disputed the TARP audit, saying that it was riddled with inaccuracies and that it mischaracterizes the data provided to the inspector general, according to The Post.

Her office has “limited excessive compensation while at the same time keeping compensation at levels that enable the recipients to remain competitive and repay TARP assistance,” she told The Post.

© 2013 Newsmax. All rights reserved.
Born a democrat

United States

#2 Jan 30, 2013
You repubs have just gave up and rolled over. hahahahaha
Just Saying

United States

#3 Jan 30, 2013
3 mil is just payoff monies. TARP will cost taxpayers 27 BILLION DOLLARS.

There is no backbone in Washington to get us out of debt. That is why we are 16 Trillion in debt. Gimmedats are in control. Hang on it will only get worse.
Bend Over

United States

#4 Jan 30, 2013
The attitude of pitting Corporate against Worker. Wealth is evil, Middle class is good. We must take from the rich and give to the poor. Is what is a threat to this country and to our freedom as Americans. The cry to equalize is a cry to enslave and we had better get off that ride because the track is broken and we are going to derail our republic.

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