TARP master freezes pay for 3 CEOs

April 7, 2012 at 1:45 AM

WASHINGTON, April 7 (UPI) -- Chief executives at three corporations that still owe bailout money will be denied raises for a second year, the U.S. Treasury Department said Friday.

Patricia Geoghegan, the special master for the Troubled Assets Relief Program or TARP, made the decision, CNN reported.

The CEOs of General Motors Co., AIG, and Ally Financial are to receive the same compensation they did in 2011 with most of their pay tied to stock performance.

AIG has repaid three-quarters of its TARP funds, GM half and Ally Financial, formerly GMAC, one-third.

The five executives ranked below the CEO at each firm, and the recipients of the next 20 biggest paychecks, will have their pay cut by 10 percent this year from the 2011 level.

At GM, the lowest-paid executive on the list makes $1.3 million, and CEO Daniel Akerson's total compensation comes to $9 million, CNN said.

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