Report: Obama Admin Approved Excessive Pay for Bailed-out Execs of GM, AIG others

Report: Obama Admin Approved Excessive Pay for Bailed-out Execs of GM, AIG others

An internal government watchdog today accused the U.S. Treasury Department of approving “excessive” pay packages for bailed-out companies, including General Motors and Detroit-based Ally Financial.

Government MotorsThe Office of the Inspector General for the Troubled Asset Relief Program (TARP) released a report slamming Treasury officials for signing off on 18 pay raises and other 2012 compensation packages for executives at GM, Ally and AIG.

The report also reveals that GM CEO Dan Akerson asked Treasury Secretary Timothy Geithner in March 2012 to remove the executive pay restrictions for the automaker.

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