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Treasury Department Significantly Loosened Executive Pay Limits Resulting in Excessive Pay for Top 25 Employees at GM and Ally (GMAC)
Treasury Department Significantly Loosened Executive Pay Limits Resulting in Excessive Pay for Top 25 Employees at GM and Ally (GMAC)
 
Our Price: $25.00
By Christy L. Romero (au)
Year: 2014
Pages: 70
Binding Paperback
ISBN 978-1-4578-5789-8

Product Code: 1457857898

Description
 
When Congress passed the Troubled Asset Relief Program (TARP) and subsequent economic stimulus legislation, it placed limitations on executive compensation for TARP recipients, and left it to the Dept. of the Treasury (Treasury) to implement the limitations. Treasury created the Office of the Social Master for TARP Executive Compensation (OSM), which has jurisdiction over compensation at companies that stood out from the more than 700 TARP recipients because of the amount and nature of their exceptional bailout. OSM sets pay for the Top 25 employees at these TARP exceptional assistance recipients. This report found that Treasury significantly loosened executive pay limits, resulting in excessive pay for Top 25 employees at General Motors Corp. (GM) and Ally Financial Inc. (Ally) while the companies were not repaying TARP in full and taxpayers were suffering billions of dollars in losses. Treasury also made limited progress implementing recommendations designed to promote good Government practices, improve transparency, consistency, and accountability and ultimately protect taxpayers from subsidizing excessive compensation at TARP companies. Tables and figures. This is a print on demand report.

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