--- title: New TARP Report Criticizes High Pay for GM Execs During the Bailout | TIME description: A new report from the Special Inspector General overseeing TARP says top executives at GM and Ally continued to receive huge paydays even as the U.S. government was keeping the companies afloat. canonical: https://time.com/video/gU4FNwlA/ og:title: New TARP Report Criticizes High Pay for GM Execs During the Bailout og:description: A new report from the Special Inspector General overseeing TARP says top executives at GM and Ally continued to receive huge paydays even as the U.S. government was keeping the companies afloat. og:url: https://time.com/video/gU4FNwlA/ og:image: https://cdn.jwplayer.com/v2/media/gU4FNwlA/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: New TARP Report Criticizes High Pay for GM Execs During the Bailout twitter:description: A new report from the Special Inspector General overseeing TARP says top executives at GM and Ally continued to receive huge paydays even as the U.S. government was keeping the companies afloat. twitter:image: https://cdn.jwplayer.com/v2/media/gU4FNwlA/poster.jpg?width=720 --- # New TARP Report Criticizes High Pay for GM Execs During the Bailout > Sponsored content. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: New TARP Report Criticizes High Pay for GM Execs During the Bailout [Watch (HLS stream): New TARP Report Criticizes High Pay for GM Execs During the Bailout](https://cdn.jwplayer.com/manifests/gU4FNwlA.m3u8) (1:45)  _Published 2014-09-25. A new report from the Special Inspector General overseeing TARP says top executives at GM and Ally continued to receive huge paydays even as the U.S. government was keeping the companies afloat._ --- Jul 27, 2023 5:18 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Tranquilized Black Bear Takes Falls Into Waiting Tarp After Suburb Stroll](/video/TvFk2veV/) ### Tranquilized Black Bear Takes Falls Into Waiting Tarp After Suburb Stroll [The Inspector General's Report Criticizes James Comey. Here's What You Need to Know](/video/s9CVgQ8D/) ### The Inspector General's Report Criticizes James Comey. Here's What You Need to Know [GM To Dealers: Stop Selling Chevy Cruzes](/video/CRPBVBdV/) ### GM To Dealers: Stop Selling Chevy Cruzes --- ## Transcript In 2008, Congress approved the Troubled Asset Relief Program, or TARP, providing billions of dollars to companies hurt by the financial crisis. Part of the program was used to bring General Motors back from bankruptcy, and to rescue the financing company GMAC, now known as Allied Financial. As part of the reforms we're announcing today, top executives at firms receiving extraordinary help from U. S. taxpayers. [ UNKNOWN ] will have their compensation capped at $ 500, 000. Now a report from the special inspector generalist signed to oversee TARP says the treasury department approved many salaries above that cap. One third of the top 25 employees at GM and Allied Financial earned above $ 500, 000. Dollars in 2013. The number of employees receiving such salaries tripled from 2009 to 2013. And last year, according to the report, 89 percent of higher level employees were paid at least $ 450, 000. These numbers are based on cash salaries. Counting stock incentives, the inspector notes 9 employees received pay raises that placed their total compensation. Compensation at 7600 % of the median household income. The treasury department responded harshly to the report, claiming many higher level executives are paid below market rates. And that the department was forced to pay competitive salaries in order to retain talented employees. Also in contention is whether GM and Allied Financial. Financial have, in fact, repaid taxpayers for their assistance. The Treasury Department argues that TARP, on the whole, has more than made back its investment. But the Inspector General argues that, in the case of Ally and GM, taxpayers have lost billions of dollars. 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