{"id":183534,"date":"2013-01-29T21:50:00","date_gmt":"2013-01-30T02:50:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2013\/01\/29\/least-surprising-news-of-the-day-13\/"},"modified":"2013-01-29T21:50:00","modified_gmt":"2013-01-30T02:50:00","slug":"least-surprising-news-of-the-day-13","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2013\/01\/29\/least-surprising-news-of-the-day-13\/","title":{"rendered":"Least Surprising News of the Day"},"content":{"rendered":"<p>Timothy Geithner&#8217;s Treasury Department <a href=\"http:\/\/www.washingtonpost.com\/business\/economy\/treasury-approved-big-pay-raises-at-bailed-out-aig-ally-and-gm-report-says\/2013\/01\/28\/1e0fe84c-695f-11e2-ada3-d86a4806d5ee_story.html\">ignored guidelines and allowed bailed out banksters to write their own paychecks<\/a>:<\/p>\n<blockquote><p><span style=\"color: blue;\">The Treasury Department ignored its own guidelines on executive pay at firms that received taxpayer bailouts and last year approved compensation packages of more than $3 million for the senior ranks at General Motors, Ally Financial and American International Group, according to a watchdog report released Monday.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span> <span style=\"color: blue;\">The report from the special inspector general for the Troubled Assets Relief Program said the government\u2019s pay czar signed off on $6.2 million in raises for 18 employees at the three companies. The chief executive of a division of AIG received a $1 million raise, while an executive at GM\u2019s troubled European unit was given a $100,000 raise. In one instance, an employee of Ally\u2019s Residential Capital was awarded a $200,000 pay increase weeks before the subsidiary filed for bankruptcy.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span> <span style=\"color: blue;\">\u2026\u2026\u2026<\/span><br \/><span style=\"color: blue;\"><br \/><\/span> <span style=\"color: blue;\">Monday\u2019s report evaluates Treasury\u2019s actions since then, with stinging allegations of lax oversight and supervision. Romero said Geoghegan deferred to the pay proposals provided by the companies, approving raises above pay limits and failing to link compensation to performance.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span> <span style=\"color: blue;\">\u201cTreasury made no meaningful reform to its processes,\u201d the special inspector said in the latest report. \u201cLacking criteria and an effective decision-making process, Treasury risks continuing to award executives of bailed-out companies excessive cash compensation without good cause.\u201d<\/span><\/p><\/blockquote>\n<p>This is so not shocking.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Timothy Geithner&#8217;s Treasury Department ignored guidelines and allowed bailed out banksters to write their own paychecks: The Treasury Department ignored its own guidelines on executive pay at firms that received taxpayer bailouts and last year approved compensation packages of more than $3 million for the senior ranks at General Motors, Ally Financial and American International &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1004,985],"tags":[],"class_list":["post-183534","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/183534"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=183534"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/183534\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=183534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=183534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=183534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}