Watchdog Says U.S. Treasury Failed to Curb AIG, GM Pay
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The U.S. Treasury Department “failed to rein in excessive pay” at bailed-out American International Group Inc., General Motors Co. and Ally Financial Inc., the rescue program’s inspector general said.
Sixteen of the 69 top employees at the three companies had 2012 pay packages worth at least $5 million and all but one had total compensation of $1 million or more, the Special Inspector General for the Troubled Asset Relief Program said in a report today. Since much of the pay is in stock, only three of the executives had cash salaries of more than $1 million.