The U.S. Treasury Department continued to approve “excessive” pay raises for top executives at General Motors and its former consumer finance arm, both of which received taxpayer-funded bailouts during the financial crisis, a new government report says.
The government watchdog that oversees the $475 billion bailout said Treasury approved cash salaries exceeding $500,000 last year for 16 of the 47 top executives at General Motors Corp. and Ally Financial Inc. Treasury allowed total pay packages, including company stock, of at least $1 million for every top executive at the two companies, according to the report released Wednesday by the special inspector general for the Troubled Asset Relief Program.
It said the government approved $3 million in pay raises, from 4 percent to 20 percent, for nine GM executives, most of whom had previously gotten raises several years in a row. The government sold its last shares of GM in December.
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