Bailout thieves million dollar wage frozen… Awe Poor things!

The Wall Street Journal 04/07-08/12 Damian Paletta

“Bailout Chiefs’ Salaries Fronzen”

http://online.wsj.com/article/SB10001424052702303302504577327801243195294.html

Overall pay will remain frozen again this year for chief executives of American International Group Inc., AIG +4.27% General Motors Co., GM +1.12% and Ally Financial Inc., three firms that haven't repaid all their government bailouts, the Treasury Department said on Friday.

Treasury gained power in 2009 to approve executive compensation at firms that received exceptional federal assistance, following public outrage at big bonuses paid at AIG after the financial crisis bailouts. CEOs at AIG, GM and Ally didn't request pay increases this year, people familiar with the matter said.

All but one of AIG's top 25 executives was projected to earn more than $2.3 million in 2012, and nine of those will earn at least $5 million. The government said its goal in reviewing the pay packages is to ensure that pay doesn't exceed what is offered at comparable firms.

The U.S. still has $36 billion invested in AIG, $26 billion invested in GM, and $12 billion invested in Ally, part of the $700 billion Troubled Asset Relief Program created in 2008 at the height of the financial panic.

Robert Benmosche, CEO of New York-based AIG, will continue to be paid up to $10.5 million in cash and stock in 2012. His pay was set when he joined the insurer in August 2009. The government still owns a 70% stake in the insurer, and plans to sell that over time.

GM CEO Dan Akerson's 2012 pay package is worth about $9 million in cash and stock. He has been a vocal critic of the pay restrictions, arguing they should be lifted because the U.S. is no longer GM's majority owner.

Common Sense Review

Gee, get taxpayers money for failing to make the company I run succeed…

Only in an Obama American do people get millions for failure yet poor people have their wages frozen… I am mixed about this..

I believe in opportunity to succeed or fail in business but you don’t get millions for mismanagement….