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The Shady Treasury : Swingers Discussion 2160451019
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WASHINGTON, Jan 28 (Reuters) - The U.S. Treasury Department failed to curb executive pay last year for the second year running at companies rescued by the government, an internal watchdog charged on Monday.

The Treasury's pay czar, or "special master," was tasked with limiting "excessive" pay at companies the government bailed out using taxpayer money during the financial crisis.

But the Office of the Special Master did not follow the rules it had set for compensation, instead letting companies define pay themselves, according to a report by the inspector general for the government's bailout program.

In 2012, the pay czar acceded to company requests in approving multi-million dollar pay packages and pay hikes for top executives at General Motors, AIG and Ally Financial.

The pay czar approved all 18 pay raises requested by the companies, for a total of $6.2 million, and approved pay packages of at least $1 million for 68 of the 69 employees at the companies it was overseeing, the report found.

"While taxpayers struggle to overcome the recent financial crisis and look to the U.S. government to put a lid on compensation for executives of firms whose missteps nearly crippled the U.S. financial system, the U.S. Department of the Treasury continues to allow excessive executive pay," the report said.

Special Inspector General Christy Romero said it was not surprising companies asked for large pay packages and higher pay. "But what we saw in 2012 that is somewhat different than prior years is that this time the companies pushed back on pay, but they seemed to have met no resistance," she said in an interview.

Romero is tasked with overseeing the government's Troubled Asset Relief Program or TARP, which pumped $68 billion into AIG, $50 billion in GM and $17 billion in Ally Financial, among others, to save them from collapse during the 2007-2009 crisis.

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TOPIC: The Shady Treasury