The Treasury Department approved “excessive” salaries for executives at a number of financial firms last year that received taxpayer funds as part of the 2008 economic bailout of Wall Street.
One of the more outrageous items uncovered by the inspector general is that a $200,000 raise for an executive at Ally’s mortgage-lending subsidiary was approved--right before the subsidiary filed for bankruptcy. And Ally itself was taken over by the government in 2008.
Other firms that saw their executives’ pay go up include the American International Group and General Motors. Both GM and Ally still owe money to the government. [emphasis mine]