SIGTARP Report: Treasury Continues Approving Excessive Pay at Bailed-Out Companies
Office of the special inspector general
For the Troubled Asset Relief Program
1801 L Street, NW, 4th Floor
Washington, D.C. 20220
SIGTARP 13-001 January 28, 2013
January 28, 2013
MEMORANDUM FOR: The Honorable Timothy F. Geithner – Secretary of the Treasury
FROM: Ms. Christy L. Romero – Special Inspector
General for the Troubled Asset Relief Program
SUBJECT: Treasury Continues Approving Excessive Pay for Top Executives at Bailed-Out Companies (SIGTARP 13-001)
We are providing this report for your information and use. It discusses Treasury’s 2012 executive compensation decisions for Top 25 employees of American International Group, Inc., General Motors Corporation, and Ally Financial Inc.
The Office of the Special Inspector General for the Troubled Asset Relief Program conducted this evaluation (engagement code 003), under the authority of the Emergency Economic Stabilization Act of 2008 and Public Law 110-343, as amended, which also incorporates the duties and responsibilities of inspectors general under the Inspector General Act of 1978, as amended.
We considered comments from the Department of the Treasury when preparing the report. Treasury’s comments are addressed in the report, where applicable.
We appreciate the courtesies extended to our staff. For additional information on this report, please contact me or Mr. Bruce Gimbel, Acting Assistant Deputy Special Inspector General for Audit and Evaluation (Bruce.Gimbel@treasury.gov / 202-927-8978).