Compensation packages for the CEOs of General Motors ($33.19 -0.21%), AIG ($44.79 -0.17%) and Ally Financial were frozen for a second year in a row by the Treasury Department due to bailout help they received during the financial crisis.
Four of the original seven recipients of exceptional assistance — Bank of America ($13.58 0.14%), Citigroup ($51.66 0%), Chrysler Financial and Chrysler — have exited the Troubled Asset Relief Program.
The Treasury said on Friday that GM, AIG and Ally were making progress at repaying taxpayers but that their 2012 compensation packages would be frozen.
"AIG has reduced its obligations to the U.S. government (including through cancellation of undrawn commitments) by more than 75%. Treasury has also recovered nearly half of the TARP funds invested in GM and nearly one-third of the TARP funds invested in Ally Financial through repayments and other income."
— Kerry Curry
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