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"The CEO compensation package payable by Ally
Financial has not increased," the Treasury said in a statement,
adding that the overall amount of compensation for the company's
chief executive officer has been unchanged since 2010. Michael Carpenter has been Ally Financial's CEO since 2009,
according to the company's website. U.S. taxpayers bailed out Ally, along with much of the U.S.
financial and auto sectors, under a $700 billion program enacted
in 2008 to fight a financial crisis and recession. Ally and a
clutch of other firms had to agree to pay restrictions set by
Washington because they received outsized aid. Over the last few years, the Treasury has sold shares in most of
the firms it bailed out. Taxpayers have recouped nearly all of
the $423 billion that was spent under the bailout, known as the
Troubled Asset Relief Program, or TARP. Ally is the last firm with compensation packages set by the
administration, although the Treasury said last week it would
sell most of its remaining Ally shares. The Treasury has been criticized in the past for alleged laxity
in pay restrictions on the company's executives. An internal
Treasury watchdog last year criticized the department's
authorization of pay hikes for executives at Ally and at General
Motors <GM.N> and AIG <AIG.N>, which were also bailed out under
TARP. On Wednesday, the Treasury said it was keeping cash compensation
for Ally's top 25 executives unchanged. Most of their
compensation, however, is in stocks, which the Treasury says
makes their pay performance-based. (Reporting by Jason Lange; editing by James Dalgleish and Dan Grebler) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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