Democracy Gone Astray

Democracy, being a human construct, needs to be thought of as directionality rather than an object. As such, to understand it requires not so much a description of existing structures and/or other related phenomena but a declaration of intentionality.
This blog aims at creating labeled lists of published infringements of such intentionality, of points in time where democracy strays from its intended directionality. In addition to outright infringements, this blog also collects important contemporary information and/or discussions that impact our socio-political landscape.

All the posts here were published in the electronic media – main-stream as well as fringe, and maintain links to the original texts.

[NOTE: Due to changes I haven't caught on time in the blogging software, all of the 'Original Article' links were nullified between September 11, 2012 and December 11, 2012. My apologies.]

Monday, January 28, 2013

Treasury Disregarded Own Rules, Allowed Executive Raises At Bailed-Out GM, AIG: Report

WASHINGTON -- A watchdog says the U.S. Treasury Department disregarded its own guidelines and allowed large pay increases for executives at three firms that had received taxpayer-funded bailouts during the financial crisis.

The Special Inspector General for Troubled Asset Relief Program says Treasury approved 18 raises for executives at American International Group Inc., General Motors Corp. and Ally Financial Inc. Of those requests, 14 were for $100,000 or more. One raise, for the CEO of a division at AIG, was for $1 million.

The three firms received a combined nearly $250 billion from the bailout fund. Only AIG has fully repaid its $182 billion bailout.

The report says Treasury approved raises that exceeded pay limits and in some cases failed to link compensation to performance.

Original Article
Source: huffington post
Author: MARCY GORDON
Topics: , , , ,

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