You're watching...
FBN’s Peter Barnes on General Motors and Ally Financial seeking Treasury Dept. approval for large pay packages for their top executives including ca...
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
It -- all right some breaking news out of Washington dealing with compensation requests for some GM executive speed -- says the -- -- speed up.
That's right actually General Motors and its former finance company ally financial are again seeking large pay packages multi million dollar pay packages -- CEOs.
And other top executives though the companies have not fully repaid their taxpayer bailouts this according to documents that we have obtained.
Now the companies are seeking approval.
For cash and stock compensation from the treasury department's acting pay -- Patricia -- -- Hagan who is reviewing these proposals according to the documents.
GM is requesting eleven million dollars for its CEO Dan Akerson.
Ally wants nine point six million for its CEO Michael carpenter as well as eight million dollars -- Thomas Moreno the CEO of its mortgage subsidiary root subsidiary reds cap.
Which is currently in bankruptcy.
-- the pay packages for GM and ally have been criticized.
By the -- -- special inspector general of the TARP bailouts of the banks and the auto companies that 700 billion dollars from 2008.
-- were marrow is that special inspector general she has said that these pay packages are excessive.
Taxpayers have recovered only about half of their fifty billion dollars so investment in GM.
And about a third from ally which got about eighteen billion now -- Hagan.
As previously approved multi million dollar pay plans for these top executives as necessary to remain competitive.
With the other executives in corporate America.
But she says she has been trying to limit this compensation.
Give a more in stock.
She is scheduled to testify.
Along with Romero tomorrow up on Capitol Hill actually interesting stuff -- the bonds in DC with the very latest -- -- thank you very much will be.
