Thank you Treasury Pay Czar for not allowing these idiots pay raises..
Ever wonder how pay increases for top management at a company unlocks shareholders value ?
Apparently neither does the pay czar who shot them down for a pay raise.
So they need more cash money to do their jobs ?
Treasury must approve the salaries for the top 25 executives that received large bailouts under the $700 billion Troubled Asset Relief Program in 2008 and 2009.
Most pay — 81 percent overall in 2013 — is in the form of stock, which means that the value of the majority of the pay of top executives will depend on the future performance of the company, typically vesting over a three-year period.
Treasury said for 2013, cash salaries for the top 25 executives at GM and Ally as a group are on average 4 percent below the median for cash salaries and 56 percent below the median for total cash compensation for positions at similar companies.
GM CEO Dan Akerson received $11.1 million for 2012 because of a change in the mix of salary stock and long-term stock, but Treasury said "the overall amount of CEO compensation has continued unchanged since 2010" — meaning the GM CEO has received $9 million in annual compensation.
The Treasury initially approved pay for seven companies that got large bailouts. All but the two Detroit-based companies have exited. The five that exited — Bank of America, Citigroup, Chrysler Financial, Chrysler, and AIG — are no longer subject to the limits.
From The Detroit News: http://www.detroitnews.com/article/20130426/AUTO0103/304260449#ixzz2RbquwKUo
Lets face it had they not suckered the gov-ment into stealing tax payer $$$ to prop up ALLy and Gm amongst the other losers in Chrysler ~ B of A ~ Citigroup ~ AIG they all would have disapeared no doubt.
They were all bankrupt entities.
I happen to be a shareholder of GM and trust me as a shareholder I do not want to see Akerson get any type of raise ~ he's nothing but a gov-ment song and dance guy I'd instead would like to go into the offices and throw stuff around and tell them all to get out because they have just been let go without any severance.
GM had the chance to save money by moving out of the REN Center into tax free deals with the city of Warren ~ did they take advantage of them ? No...It must be nice to be able to survive based upon the charity of others, but its been 3 years since the company got reborn most of the bad assets simply vanished away except for the ridiculous pension and health obligations ~ even to that Idiot ROger something who ran GM into the dirt and managed to exit with several milllions while GM went into a quasi gov-ment bankruptcy but not real bankruptcy and yet the stock is 15% below its IPO and not a single penny in any type of dividend... to ordinary shareholders...
They basically blew billions at the behest of the gov-ment forcing them into electric cars.... wow how did that turn out ?And Dan is unhappy with 9 million a year ? All I can say is that I hope the gov-ment doesn't sell its shake into GM until they can get the share price above its IPO with interest... The charity offered to these auto motive bozo's is laughable... remember when they said there was gonna be a revolution ~ instead we got a bankruptcy that wasn't one ?Soon we'll be hearing from the AUW about wanting pay raises...
Bunch of ungreat-ful mo fo's