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Treasury allowed raises at bailout companies

4 years 2 months 4 weeks ago January 28, 2013 Jan 28, 2013 Monday, January 28 2013 January 28, 2013 6:15 PM in News
Source: Associated Press
By: Michael Marsh

The U.S. Treasury Department disregarded its own rules and allowed large pay raises for executives at three companies that got taxpayer-funded bailouts during the great recession. Treasury approved 18 raises for people at AIG, General Motors and Ally Financial. The Special Inspector General for Troubled Asset Relief says 14 of the raises were $100,000 or more. For the CEO of AIG, it was for $1 million. The three companies got nearly $250 billion in bailout money but only AIG has fully repaid its share. The report says in some cases, Treasury failed to link compensation to performance.

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