The U.S. Treasury Department in 2012 failed to curb executive pay at companies rescued with taxpayer funds, the second straight year that it did not live up to its own rules, an internal watchdog said on Monday.
The inspector general for the government's bailout program had harsh words for Treasury's Office of the Special Master, the "pay czar" charged with setting compensation for companies that received rescue funds during the financial crisis.
"While taxpayers struggle to overcome the recent financial crisis and look to the U.S. government to put a lid on compensation for executives of firms whose missteps nearly crippled the U.S. financial system, the U.S. Department of the Treasury continues to allow excessive executive pay," the report said.
In 2012, the pay czar acceded to company requests in approving multi-million-dollar pay packages and pay hikes for top executives at General Motors, AIG and Ally Financial.
The Special Master approved all 18 pay
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