Top executives at General Motors and Ally Financial received excessive compensation after receiving bailout funds from the U.S. Treasury in 2009, according to a Treasury special inspector general report released today.The Treasury set limits on executive pay at GM and Ally as a condition for their receiving the bailout funds from the department’s Troubled Asset Relief Program during the 2008-09 financial crisis. The report, from a special inspector general assigned to look into executive pay at companies that received TARP funds, found that the Treasury rolled back those pay limits in later years, even as it continued to hold billions of dollars worth of stock in the companies.
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