April 4, 2011
TARP Special Master Releases 2011 Compensation Determinations at 4 "Exceptional Assistance" Recipients
On April 1, 2011, the Acting Special Master for TARP Executive Compensation, Patricia Geoghegan, released 2011 compensation determinations for the “top 25” executives at the four remaining companies that received exceptional TARP assistance—AIG, Ally Financial (formerly GMAC), Chrysler and GM. The report finds:
- No increase in CEO compensation.
- 2011 pay packages follow the framework established in 2009 and 2010.
- Companies have made progress in repaying taxpayer investments.
- ‘Top 25’ compensation packages: Overall the cash compensation for these 98 individuals decreased 18.2 percent, and their total direct compensation decreased 1.3 percent from 2010 levels. For the individuals in the “top 25” in both 2010 and 2011, cash compensation increased 4.7 percent and total direct compensation increased 4.4 percent. For the individuals new to the “top 25” group for 2011, cash compensation decreased 39 percent as compared to the cash they received for 2010, and total direct compensation decreased 9.6 percent as compared to 2010.
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