Pay czar cutting GMAC executives’ compensation
Published: March 16,2010
WASHINGTON — The Obama administration’s pay czar is reducing 2010 compensation for top executives at GMAC Inc. because the auto finance giant continues to lose money and has no strategy for repaying its $16.3 billion taxpayer bailout, according to people familiar with the negotiations.
The people say only one of the 25 highest earners at GMAC will earn more than $500,000 in cash, and CEO Michael Carpenter will receive only stock compensation.
They spoke on condition of anonymity because they were not authorized to discuss the talks.
Executive compensation at GMAC is subject to oversight by Treasury special master Kenneth Feinberg. He must approve pay packages or policies for the top 100 earners at companies that rely on “extraordinary assistance” from the government.
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