Treasury skewered for doling out ‘excessive’ CEO pay packages after bailouts
Washington – A government auditor harshly criticized the Treasury Department for approving “excessive” pay packages for top executives at three companies that received large government bailouts.
Christy Romero, the special inspector general overseeing the $700 billion Troubled Asset Relief Program, criticized the Treasury for approving pay raises at General Motors Co., Ally Financial Inc. and American International Group Inc.
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 at AIG, GM and Ally.
From The Detroit News: http://www.detroitnews.com/article/20130128/AUTO0103/301280422#ixzz2JJAROGMR