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Saturday, September 27, 2014

Obama Treasury Department Broke TARP Rules; Overpaid GM Execs

The Office of the Special Inspector General for the Troubled Asset Relief Program  (SIGTARP), or TARP, also known as taxpayer-funded “bailouts” of numerous financial institutions and automobile manufacturers, revealed on Wednesday that the Obama Regime overpaid General Motors executives (GM), breaking the laws on executive compensation limits. 
According to the report from the Inspector General, the Treasury significantly loosened executive pay limits resulting in excessive pay for the top 25 employees at GM and Ally Financial (formerly GMAC). 

The report continues to mention that this excessive pay occurred “when the companies were not repaying TARP in full and taxpayers were suffering billions of dollars in losses.”

TARP was signed into law by Republican U.S. President George W. Bush on October 3, 2008, just prior to the end of his second term in office. 

As you may recall, there was much discussion during the time of the bailout about “excessive CEO pay,” especially among Democrat politicians, so the new report reveals a high level of hypocrisy, since GM at the time was managed with oversight from the Obama Regime. 

In 2009, the Obama Regime even named a USSR-like “Compensation Czar” to arbitrarily mandate salaries and bonuses of certain large firms deemed as related to the financial crisis. 

As the report indicates, this is not ancient history, and the regime broke it’s $500,000 threshold egregriously, despite the rhetoric about “excessive CEO pay” that was echoing across the airwaves and halls of Congress and from Obama himself at the time (emphasis added): 

“For example, Treasury approved at least $1 million in pay for every Top 25 employee in 2013 and increased compensation by 28% for GM and Ally Top 25 employees from 2009 to 2013. Treasury tripled the number of GM and Ally employees who received cash salaries exceeding $500,000 from 2009 to 2013 and allowed 89% of the employees to be paid cash salaries of $450,000 or more in 2013.”
The report ironically comes at a time when the Democrat Party has decided to make “income inequality” a major campaign theme. 

h/t:  
Consumerist http://www.tpnn.com/2014/09/26/obama-treasury-department-broke-tarp-rules-overpaid-gm-execs/

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