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January 29, 2013
TARP pay rule flouted by Obama Admin
Posted by Laura
Corporate welfare socialists win, taxpayers lose. The left doesn't want to admit it but big government and big business invariably go hand in hand. An inspector general's report found:

"In 2012...three TARP companies convinced Treasury to roll back its guidelines by approving multimillion-dollar pay packages, high cash salaries, huge pay raises and removing compensation tied to meeting performance metrics....Treasury cannot look out for taxpayers' interests if it continues to rely to a great extent on the pay proposed by companies that have historically pushed back on pay limits."

No wonder Tim Geithner has been so anxious to leave town. More from the Times account:

"The report charges that Treasury has failed to rein in excessive pay at the three firms. It found that Treasury approved all pay raises requested for A.I.G., Ally and General Motors executives last year, with individual compensation increases of $30,000 to $1 million. It also faults the Treasury overseer for allowing pay packages above what comparable executives at other firms receive."

It's good work if you can get it.
01/29/13 4:27 AM
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