Posted inFinance / Financial crisis / News / USA Empire

Treasury Approved Huge Pay Hikes for Bailed-Out Firms

A government report has found the Treasury Department approved huge paydays for executives at bailed-out corporations, despite rules limiting their compensation while on the taxpayer dole. The special inspector general for the Troubled Asset Relief Program, or TARP, says the Treasury granted all 18 requests it received last year to hike pay for executives at American International Group, General Motors, and Ally Financial. Fourteen of those requests were for at least $100,000, while the largest was for $1 million. The three firms collectively received some $250 billion in government bailouts. Christy Romero, the special inspector general for TARP, said: “We … expect Treasury to look out for taxpayers who funded the bailout of these companies by holding the line on excessive pay.”

Leave a Reply

Your email address will not be published. Required fields are marked *