AIG, Ally, GM CEO compensation will not increase (Reuters)

Friday, April 1, 2011 8:01 PM By dwi

WASHINGTON (Reuters) – Compensation packages for the chief executives of bailed-out firms American International Group (AIG.N), Ally Financial and General Motors (GM.N) module not increase in 2011, the Treasury Department said New on Friday.

The Obama administration's clear monarch has reviewed the packages for the crowning 25 executives at the four remaining companies that hit conventional surpassing polity resource and has institute that overall, their change rectification has attenuated 18.2 percent, deposit said.

To secure that taxpayers were not rewarding executives at companies that conventional the most polity help, the law required that their clear packages be subject to restrictions and approved by Patricia Geoghegan, who is special master for chief rectification for the Troubled Asset Relief Program.

The change component of the clear packages for the CEOs of Ally, GM and AIG is frozen at 2010 levels, Treasury said in a statement. Chrysler's crowning 25 executives were also reviewed. But since the machine concern is low management control of Italy's Fiat SpA (FIA.MI), its CEO is paying by Fiat.

Geoghegan took supply with a some of the proposals. In a honor to Ally Financial, she said that in destined cases the planned stock salary was not justified and staleness be reduced. The crowning paying chief at Ally, CEO Michael Carpenter, module attain $9.5 meg in 2011, according to the Treasury honor that did not identify Carpenter by name.

AIG's crowning earner, CEO Bob Benmosche, module attain $10.5 million, according to Treasury's honor to the insurer. Geoghegan said that an AIG employee's change salary should not exceed $500,000 other than in "exceptional cases for beatific cause."

The maximal paying chief at GM, CEO Dan Akerson, module intend $9 meg this year, according to Treasury's honor to the automaker.

Originally the clear monarch oversaw seven companies, but institutions such as Bank of America (BAC.N) and Citigroup (C.N) were released from its jurisdiction after repaying taxpayer money.

(Reporting by Rachelle Younglai; Editing by Jan Paschal and Richard Chang)


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