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FBN’s Rich Edson on a report on executive pay at companies receiving bail-out money.
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We've got some breaking news now on executive pay at companies that received the government bailouts or TARP funds and projects and joins us -- -- -- -- that -- Well the government pay watch -- as treasury should have driven a harder -- bargain at three of the top bailed out companies these special inspector general's report.
Highlights executive pay AIG General Motors and ally financial still subject to government approval.
And says in 2012 these three TARP companies convince treasury to roll back its guidelines by approving multimillion dollar pay package -- -- cash salaries.
Huge pay raises and removing compensation tied to meeting performance metrics treasury cannot look out for taxpayers' interest.
If it continues to rely on to a great extent.
On the pay proposed by companies that have historically pushed back on pay limits.
It reports treasury approve pay packages of five million dollars or more for nearly a quarter of the top executives at those companies.
30% -- between three and four point nine million.
More than half made at least three million in every top executive except one -- guy made at least a million the report states General Motors even asked to be exempt from government pay oversight.
The reaction from treasury -- -- acting pay master says the government.
Has limited excessive compensation.
While the same time keeping compensation at levels that has enabled the exceptional assistance recipients.
To remain competitive and repay TARP assistance treasury says it cut cash pay for the top 25 exacts at several companies by more than 90%.
And cut overall pay for the top 25 executives by more than 50%.
Back to you when it's ups -- that's insane yeah re think it.
