The U.S. Treasury Department has frozen 2012 pay for General Motors CEO Dan Akerson and his counterparts at Ally Financial and AIG at 2011 levels because the government still owns a stake in all three companies.
The government also said the total compensation of GM's top executives would be cut by 12%, or $8.8 million, from 2011 to 2012. However, some executives received pay increases while others' pay is being cut.
The Treasury Department's authority to limit the compensation of the top 25 executives at GM, AIG and Ally Financial is a condition of the $135.2 billion in government loans they received during the 2008 financial crisis. The U.S. government still owns about 26.5% of GM stock.
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