Report: Geithner approved 'excessive pay' for execs at bailed out companies

Government dictating how much a private company can pay their employees seems like it should be illegal, but it isn't. These companies are in competitive industries and if they can't pay as much or more than the next guy, they lose the talent. We might question whether some of these execs whose wild west gambling led to the financial meltdown are worth what they are being paid. But that's a matter for the Board of Directors and shareholders - not government. Even if the taxpayers bailed them out? I would hope that taxpayers would understand that keeping good employees is necessary in order for the companies to pay back the US Treasury. Associated Press: The Special Inspector General for the Troubled Asset Relief Program said Treasury approved all 18 requests it received last year to raise pay for executives at American International Group Inc., General Motors Corp. and Ally Financial Inc. Of those requests, 14 were for $100,000 or more; the largest raise was $1...(Read Full Post)