The U.S. Treasury Department said Wednesday that the pay guidelines for senior executives at American International Group Inc. (>> American International Group, Inc.), General Motors Co. (GM), and Ally Financial Inc., the three firms that haven't repaid all of their government bailouts, will stay the same.
Treasury gained power in 2009 to approve executive compensation at firms that received exceptional federal assistance, following public outrage at big bonuses paid at AIG after the financial crisis bailouts. In April, Treasury said overall pay for chief executives at the three firms would this year again remain frozen.
Treasury said its review Wednesday covered the top 26-100 paid employees at each of the firms and proposed compensation is in line with public interests.
-By Ian Talley, Dow Jones Newswires; 202-862-9285; [email protected]