In early 2013, the Special Inspector General for Troubled Asset
Relief Program reported that the U.S. Treasury Department disregarded its own
guidelines in order to allow large pay increases for executives at three major
companies that had received bailouts during the financial crisis. In
particular, eighteen raises for executives at American International Group
(AIG), General Motors, and Ally Financial were approved. Fourteen were for
$100,000 or more. A raise for the CEO of a division of AIG was $1 million.
Treasury approved these raises even though they exceeded the pay limits set in
Treasury’s own guidelines.
The full essay is at "Raises at Bailed-Out Banks: Taxpayer-Funded?"