Congressional Rage Builds Over CEO Compensation That Breaks Bailout Rules
Republican outrage over pay for top executives at General Motors and other taxpayer-assisted companies boiled over at a congressional hearing Tuesday, as the U.S. Treasury official who signed off on the compensation was publicly grilled on decisions she defended as appropriate.
Sparked by an inspector general's report criticizing compensation of top executives at GM, Detroit-based Ally Financial and insurance giant AIG, the House Oversight and Government Reform subcommittee hearing was held against the backdrop of GM's denial of earlier reports that it had asked for a $2-million pay increase for CEO Dan Akerson.
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