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January 29, 2013

US Treasury under fire for pay practices

The US Treasury has been criticised for failing to rein in allegedly excessive pay packages given to executives at the largest bailed-out companies.

“Last year, General Motors, AIG and Ally Financial were the biggest remaining rescued firms that had yet to repay taxpayers for their financial crisis-era bailouts. As a condition of their rescues, the US Treasury had power over their executive remuneration practices.

“AIG recently repaid the government but its 2012 pay schemes were still subject to Treasury’s approval. GM is expected to exit the taxpayer scheme within two years.

“In a report on Monday, the Special Inspector General for the Troubled Asset Relief Programme (Sigtarp) criticised the Treasury for allowing the companies to pay their top-25 executives millions of dollars in cash and company shares.

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Read full Financial Times article here

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