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US OK’s pay for officials at companies getting aid

Associated Press / April 2, 2011

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WASHINGTON — The administration’s pay czar has approved compensation packages for top executives at the four companies still receiving exceptional assistance from the government’s $700 billion bailout fund.

The government’s findings identify the executives only by salary rankings.

For General Motors, the highest paid executive will get $1.7 million in salary in 2011 and performance-based stock awards that will bring total compensation to $9 million. The highest paid executive at insurer AIG will be paid $3 million in salary and receive total compensation of $10.5 million in 2011. The highest paid executive at Ally Financial will receive no cash salary in 2011 but was granted performance-based stock awards that will total $9.5 million.

The highest paid executive at Chrysler receives his salary from Fiat. The second highest paid executive at Chrysler will receive $500,000 in cash salary this year and total compensation of $1.18 million.