warning Hi, we've moved to USCANNENBERGMEDIA.COM. Visit us there!

Neon Tommy - Annenberg digital news

U.S. Treasury Authorizes Millions In Salary Increases For Top CEO's

Jacqueline Jackson |
January 28, 2013 | 3:21 p.m. PST

Executive Producer

The United States Treasury Department (Wikipedia/Creative Commons)
The United States Treasury Department (Wikipedia/Creative Commons)

A new report from a government inspector general said Monday that top CEO's at multiple companies, that received bailouts, were given CEO and executive suite salary increases in 2012. The companies, which include, General Motors and AIG were paid larger salaries as the countries taxpayers scrambled to accept over $600 million in company bailouts. An AIG chief executive received a $1 million raise while other c-suite and e-board executives at major companies received raises between $100,000 and $200,000.

The United States Treasury had guidelines to limit spending on salaries but the Treasury official’s bypassed 2008 bailout limitations to approve more than $6 million in increases.
The special inspector for the bank bailouts said that the increase in salary spending is of extreme concern to taxpayers and policy makers, she told the Washington Post:

“We expect Treasury to look out for taxpayers who funded the bailout of these companies by holding the line on excessive pay,” said Christy Romero, special inspector general for TARP. (Troubled Asset Relief Program) “Treasury cannot look out for taxpayers’ interests if it continues to rely to a great extent on the pay proposed by companies that have historically pushed back on pay limits.”

This information comes as the United States re-examines its current economic plans to prevent further debt and future crisis.

Read the full story at the Washingoton Post

Read the general inspector's report here.

Reach Executive Producer Jacqueline Jackson here; follow her here.



Craig Gillespie directed this true story about "the most daring rescue mission in the history of the U.S. Coast Guard.”

Watch USC Annenberg Media's live State of the Union recap and analysis here.