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Thread: Treasury Freezes Pay For CEO's at Ally Financial, GM, and AIG......

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    Treasury Freezes Pay For CEO's at Ally Financial, GM, and AIG......

    WASHINGTON (Reuters) - The chief executives of General Motors , AIG, and Ally Financial had their 2012 compensation packages frozen for a second year in a row by the Treasury Department after they got "exceptional" bailout help during the financial crisis.

    The government pumped $68 billion into AIG from the Troubled Asset Relief Program, or TARP, and invested $50 billion in GM and $17 billion in Ally Financial to save them from collapse during the 2007-2009 crisis.

    The Treasury also said total direct compensation during 2012 for 69 other senior executives at the three firms was being cut by 10 percent from 2011 levels.

    Public anger over high pay and huge bonuses at bailed-out firms was so high that the Obama administration created a "special master's office" to monitor pay practices.

    The Treasury said the three firms are making progress in repaying their taxpayer funds. It said AIG has reduced its obligations to the U.S. government by more than 75 percent, while Treasury has recovered nearly half the TARP funds it put into GM and close to one-third of the money that went to Ally Financial.....snip~

    http://news.yahoo.com/treasury-freez...172309114.html

    So anyone want to come up with a reason why the Obama Administration decided to come up with some Special Dept all due to the national output and the public anger over high pay for bailed out companies and their CEO's? Do you think using the the excuse and rationale that the public is angry and upset was a good enough reason for Obama to come up with to call his Special Bill Collectors. The Special Masters Office?

    Which Lefty, Liberal, Democrat wants to defend the Obama Adminsitration creating a whole New Dept......just to monitor the pay of CEO's and Companies that recieved the Bailout? Any on the left think they can come in and defend this expansion of Government? To create a Special Dept Called the what? The SPECIAL MASTERS OFFICE. What the IRS and their collectors aren't good enought to use that Obama had to create a whole new means with a Whole New Dept? In order to monitor such.

    Just what Do the Lib-tards and Obamatons have to say about their Special Master. Did you think this was like BBQ Sauce. Thats you can add a little flavoring. Care to explain why the Lame Stream Media didn't bring out the name of this Dept before this date and time. Do you think there is something that the American People can do before the Election, to Show this to the Entire Country?

    Quite the coincidincy about a Man who would come from the east but rule in the West. Although one thing does need to be taken care of now. Which is the the LAME Stream Media that is in bed with this Administration and all this protection they are providing for Team Obama and the Democrats.
    History does not long Entrust the care of Freedom, to the Weak or Timid!!!!! Dwight D. Eisenhower ~

  2. #2
    Dagny
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    When Congress created the Troubled Asset Relief
    Program (“TARP”) in 2008, it included some limits on
    compensation for employees at companies that
    received TARP assistance. After several major
    TARP recipients paid employees billions of dollars in
    bonuses for 2008, the President, the U.S.
    Department of the Treasury (“Treasury”), and
    Congress expressed frustration. The President
    announced the capping at $500,000 of annual
    salaries at companies that had received “exceptional
    assistance” under TARP, with any further
    compensation to be paid in stock that could not be
    cashed in until the company paid back TARP. After
    the President’s announcement, Congress passed
    legislation under which Treasury created the Office of
    the Special Master for TARP Executive
    Compensation (“OSM”). Kenneth R. Feinberg served
    as the Special Master and was succeeded by Patricia
    Geoghegan.
    The seven
    http://www.sigtarp.gov/reports/audit...Comp_Audit.pdf

    You can read about how this special master works, in conjunction w/the treasury.

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    I thought only pharma CEOs were overpaid.

    Freezing their pay is just grandstanding, it should be cut.

  4. #4
    Dagny
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    Quote Originally Posted by Mainecoons View Post
    I thought only pharma CEOs were overpaid.

    Freezing their pay is just grandstanding, it should be cut.
    Agree. Don't put words in my mouth. When we discuss a 'for profit' healthcare system, I reference those CEOs. Further, if you read the article, you can compare the new pay rates with those from the chart you posted in the other thread.

    Notice the glaring differences? For one, those under scrutiny will have PERFORMANCE based bonuses.


    Now you can show me how a competitive market like automobiles, can compare to an insurance/pharma industry.

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    No, I'm not going to discuss that further. You are so angry about it you're not rational. I'll just leave you with your belief and opinion that somehow that one industry is better at cooking the books than all the rest.

    Have a nice day.

  6. #6
    Dagny
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    Quote Originally Posted by Mainecoons View Post
    No, I'm not going to discuss that further. You are so angry about it you're not rational. I'll just leave you with your belief and opinion that somehow that one industry is better at cooking the books than all the rest.

    Have a nice day.
    Trust me....nothing that's ever posted on these boards can anger me. Don't you think that's a tad excessive?

    You have a great day too....I'm going to do some yardwork....with the cats!

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    Quote Originally Posted by Mainecoons View Post
    I thought only pharma CEOs were overpaid.

    Freezing their pay is just grandstanding, it should be cut.

    Morning MC.....do you think Team Obama should be creating Special bill Collectors just for the CEO's of Tarp. After they pay off the money they borrowed from the American People. Do you think there will be all this monitoring of CEO's?
    History does not long Entrust the care of Freedom, to the Weak or Timid!!!!! Dwight D. Eisenhower ~

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    Quote Originally Posted by Dagny View Post
    http://www.sigtarp.gov/reports/audit...Comp_Audit.pdf

    You can read about how this special master works, in conjunction w/the treasury.

    Does this change the fact on the expansion of government. Doesn't matter if it is created within the Same Dept does it? Do you think there Should be Some Dept in the US government Named the Special Masters Dept? What do you think that perception states to the American people?
    History does not long Entrust the care of Freedom, to the Weak or Timid!!!!! Dwight D. Eisenhower ~

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    Yeah, and lets not forget Immelt was even knighted a Czar for his reward, so his personal reward wasnt as big. But hey at least he still gets to do buisness with Iran.....huh?
    History does not long Entrust the care of Freedom, to the Weak or Timid!!!!! Dwight D. Eisenhower ~

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    Bankruptcy would have gotten rid of the deadwood, the way that a forest fire keeps a woodland healthy.

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