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Contrary to popular misconception, the US Treasury Department did act to alleviate the hardships caused by the financial collapse of 2008. In the face of mass unemployment, millions of home foreclosures and tens of millions more underwater, record numbers of children in poverty and families on food stamps, the Treasury bypassed restrictions imposed by a heartless Congress.
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.
The report from the special inspector general for the Troubled Assets Relief Program said the government’s 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’s troubled European unit was given a $100,000 raise. In one instance, an employee of Ally’s Residential Capital was awarded a $200,000 pay increase weeks before the subsidiary filed for bankruptcy.
Oh, the humanity. Secretary Geithner you will be missed!