Feds Failed to Restrict Pay at Bailed Out Firms
Posted at 9:45 a.m. on Jan. 29
Christy Romero, the Special Inspector General for the Troubled Asset Relief Program, has found that the Treasury Department “failed to rein in pay at companies that received federal bailout funds…in a report that highlights continued friction over the government’s oversight of executive pay,” the Wall Street Journal reports.
“The Treasury in 2009 gained power to approve executive pay at firms that received major federal assistance during the financial crisis… Ms. Romero also said the Treasury hasn’t put in place policies that would ensure salaries are within guidelines designed to discourage excessive risk taking by companies receiving bailout aid.”
