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WASHINGTON (Reuters)—The U.S. Treasury Department said on Friday that compensation for the chief executives of the final three firms that got "exceptional" bailout assistance during the financial crisis has been frozen for the second year in a row.
The ruling applies to the chief executives of American International Group Inc., General Motors Co. and Ally Financial, each of which received big taxpayer-financed bailouts that they have not yet fully repaid.
The government pumped $68 billion into AIG from the Troubled Asset Relief Program, and invested $50 billion in GM and $17 billion in Ally Financial to save them from collapse during the 2007-2009 crisis.
The Treasury also said total direct compensation during 2012 for 69 other senior executives at the three firms was being cut by 10% from 2011 levels.
The three were part of group of seven firms that got so-called exceptional assistance in the form of taxpayers' money during the financial crisis. Four of the original seven—Bank of America Corp., Citigroup Inc., Chrysler Financial and Chrysler Group L.L.C.—have already repaid their TARP money and left the program.
Public anger over high pay and huge bonuses at bailed-out firms was so high that the Obama administration created a "special master's office" to monitor pay practices.
The Treasury report on Friday does not name any of the executives but it is evident the three CEOs still will get pay packets that put them among the elite of American income earners.
The top executive at AIG will receive total direct compensation, which includes cash, stock and future stock options worth $10.5 million, while Ally Financial' s leader will get $9.5 million and GM's chief executive $9 million, according to documents distributed by the Treasury.