Top executives at three companies including GM, Ally Financial and AIG were ordered to take pay cuts by the federal government.
Overall chief executive compensation at GM, American International Group Inc. (AIG) and Ally Financial Inc. in 2012 will be unchanged for the second straight year, the Treasury said.
The government pumped $68 billion into AIG from the Troubled Asset Relief Program and invested $50 billion in GM and $17 billion in Ally Financial to save them from collapse during the 2007-2009 crisis.
GM CEO Dan Akerson will receive $9 million, including $1.7 million in cash as he did for 2011.
“After reviewing GM’s proposal, the Office of the Special Master has determined that in certain cases the full amount of the proposed increases was not justified,” special master, Patricia Geoghegan said in a letter to GM.
AIG, GM and Ally are the only three left out of the original seven companies that received exceptional TARP assistance where the government still owns a stake.
AIG still owes taxpayers around $50 billion. General Motors owes about $25 billion. Ally Financial about $12 billion.