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<title><![CDATA[RSS for Troubled Asset Relief Program]]></title>
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<title><![CDATA[U.S. Treasury plans to sell remaining GM stake]]></title>
<link><![CDATA[http://www.autonews.com/article/20130506/OEM/130509916/u-s-treasury-plans-to-sell-remaining-gm-stake]]></link>
<guid>http://www.autonews.com/article/20130506/OEM/130509916/u-s-treasury-plans-to-sell-remaining-gm-stake</guid>
<pubDate><![CDATA[Mon, 06 May 2013 14:31:35 EDT]]></pubDate>
<description><![CDATA[WASHINGTON (Reuters) -- The Treasury Department said today it will begin another round of sales of the General Motors Co. stock it acquired during the government's bailout of the U.S. auto sector. The move follows a registration statement by GM last month making it easier for the Treasury to sell ...]]></description>
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<title><![CDATA[GM's Akerson, Ally's Carpenter have pay, bonuses frozen by U.S.]]></title>
<link><![CDATA[http://www.autonews.com/article/20130427/OEM02/130429901/gms-akerson-allys-carpenter-have-pay-bonuses-frozen-by-u-s]]></link>
<guid>http://www.autonews.com/article/20130427/OEM02/130429901/gms-akerson-allys-carpenter-have-pay-bonuses-frozen-by-u-s</guid>
<pubDate><![CDATA[Sat, 27 Apr 2013 09:22:47 EDT]]></pubDate>
<description><![CDATA[WASHINGTON (Bloomberg) -- The U.S. Treasury Department froze some 2013 pay for top executives at General Motors Co. and Ally Financial Inc., two firms yet to repay money received under special bailout terms during the financial crisis. Compensation for the chief executive officers of the two firms ...]]></description>
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<title><![CDATA[GM changes Akerson's pay mix, saying he may retire within 3 years]]></title>
<link><![CDATA[http://europe.autonews.com/article/20130426/ANE/304269973/gm-changes-akersons-pay-mix-saying-he-may-retire-within-3-years]]></link>
<guid>http://europe.autonews.com/article/20130426/ANE/304269973/gm-changes-akersons-pay-mix-saying-he-may-retire-within-3-years</guid>
<pubDate><![CDATA[Fri, 26 Apr 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[DETROIT (Bloomberg) -- General Motors Co. CEO Dan Akerson's compensation mix was changed in 2012 to accommodate the possibility he may retire before his long-term restricted stock vests in three years, the company said. "We certainly wouldn't speculate on what he will actually do -- that's up to ...]]></description>
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<title><![CDATA[GM changes Akerson's pay mix, saying he may retire within 3 years]]></title>
<link><![CDATA[http://www.autonews.com/article/20130425/OEM02/130429928/gm-changes-akersons-pay-mix-saying-he-may-retire-within-3-years]]></link>
<guid>http://www.autonews.com/article/20130425/OEM02/130429928/gm-changes-akersons-pay-mix-saying-he-may-retire-within-3-years</guid>
<pubDate><![CDATA[Thu, 25 Apr 2013 14:10:45 EDT]]></pubDate>
<description><![CDATA[DETROIT (Bloomberg) -- General Motors Co. CEO Dan Akerson's compensation mix was changed in 2012 to accommodate the possibility he may retire before his long-term restricted stock vests in three years, the company said. "We certainly wouldn't speculate on what he will actually do -- that's up to ...]]></description>
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<title><![CDATA[GM Financial completes $2.6B deal for Ally units in Europe, Latin America]]></title>
<link><![CDATA[http://www.autonews.com/article/20130403/FINANCE_AND_INSURANCE/304039977/gm-financial-completes-2-6b-deal-for-ally-units-in-europe-latin]]></link>
<guid>http://www.autonews.com/article/20130403/FINANCE_AND_INSURANCE/304039977/gm-financial-completes-2-6b-deal-for-ally-units-in-europe-latin</guid>
<pubDate><![CDATA[Wed, 03 Apr 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[Ally Financial Inc. said it completed the sale of most of its operations in Europe and Latin America to General Motors Financial Co. for about $2.6 billion. Ally, in a statement Tuesday , said it will get about $2.4 billion at closing and about $190 million in dividends prior to closing from the GM ...]]></description>
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<title><![CDATA[GM Financial completes $2.6B deal for Ally units in Europe, Latin America]]></title>
<link><![CDATA[http://www.autonews.com/article/20130402/RETAIL02/130409984/gm-financial-completes-2-6b-deal-for-ally-units-in-europe-latin]]></link>
<guid>http://www.autonews.com/article/20130402/RETAIL02/130409984/gm-financial-completes-2-6b-deal-for-ally-units-in-europe-latin</guid>
<pubDate><![CDATA[Tue, 02 Apr 2013 11:14:49 EDT]]></pubDate>
<description><![CDATA[Ally Financial Inc. said it completed the sale of most of its operations in Europe and Latin America to General Motors Financial Co. for about $2.6 billion. Ally, in a statement today , said it will get about $2.4 billion at closing and about $190 million in dividends prior to closing from the GM unit. "Completion of this transaction marks another step in Ally's plans to further strengthen its financial profile going forward and to focus on its core leading U.S.-based franchises," Ally CEO Michael Carpenter said in a news release. "We remain committed to further advancing our strategic plans and best positioning Ally to repay the U.S. taxpayer's investment," he said, referring to the $17.2 billion in TARP money the bank received. It still owes $11.3 billion. The deal included operations in Germany, the United Kingdom, Italy, Sweden, Switzerland, Austria, Belgium, the Netherlands, Mexico, Chile and Columbia. The sales of operations in France and Brazil and a joint venture in China are in process and expected to close in stages later this year. So far, Ally has received about $6.7 billion from international transactions, which is about 70 percent of what it expects to receive from the sale of non-U.S. businesses.]]></description>
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<title><![CDATA[U.S. sold $489.9 million in GM shares in February]]></title>
<link><![CDATA[http://www.autonews.com/article/20130311/OEM11/303119738/u-s-sold-489-9-million-in-gm-shares-in-february]]></link>
<guid>http://www.autonews.com/article/20130311/OEM11/303119738/u-s-sold-489-9-million-in-gm-shares-in-february</guid>
<pubDate><![CDATA[Mon, 11 Mar 2013 18:19:20 EDT]]></pubDate>
<description><![CDATA[DETROIT (Bloomberg) -- The U.S. Treasury, which is exiting its ownership stake in General Motors, accelerated its sell-down of the automaker in February, saying it received $489.9 million in proceeds from the sale of common shares. The government disclosed the trading results Monday in its monthly report to Congress on the status of the Troubled Asset Relief Program. A similar report last month said the Treasury received $156.4 million from selling GM shares in January. The number of GM shares sold and average price per share will be disclosed when each pre-arranged trading plan is completed, the report said. The United States invested about $50 billion in GM, the biggest portion of an auto industry bailout that was a centerpiece of President Barack Obama's first term. The investment drew criticism from Republican officials and GM received the label "Government Motors" that CEO Dan Akerson now is trying to shed. "The story is moving on at GM," Matthew Stover, an analyst with Guggenheim Securities LLC in Boston, who has a neutral rating on the shares. "They have to get on with the business of growing and moving past the crisis period, and one of the important pieces of all that is the government leaving the business." GM in December purchased 200 million of its shares for $5.5 billion from the Treasury, moving the government a step closer to ending the auto bailout. After that transaction, the Treasury was left holding about 300 million shares, or 19 percent on a fully diluted basis and planned to sell its entire holding within 15 months. GM shares have climbed 11 percent since Dec. 18, the day before the company disclosed the share purchase from Treasury, through Monday. The Standard and Poor's 500 Index increased 7.6 percent during that span. GM shares closed Tuesday at $28.37, up 6 cents from Monday's close, on the New York Stock Exchange. Akerson, 64, took command of GM in September 2010, overseeing the final stages of the company's initial public offering in November of that year. He is trying to boost GM's profit margins, regain market share in the United States and break even in Europe by mid-decade as it competes with Toyota Motor Corp. and Volkswagen AG for global auto sales leadership.]]></description>
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<title><![CDATA[Hyundai Settling MPG Suits (2/27/13)]]></title>
<link><![CDATA[http://search.autonews.com/v/71550478/hyundai-settling-mpg-suits-2-27-13.htm?]]></link>
<guid>http://search.autonews.com/v/71550478/hyundai-settling-mpg-suits-2-27-13.htm?</guid>
<pubDate><![CDATA[Wed, 27 Feb 2013 08:39:51 EST]]></pubDate>
<description><![CDATA[Cases stem from inflated mileage claims, Kia may also settle; Tesla vows fast loan payback; dealer Boch mulls Boston Globe buy.]]></description>
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<title><![CDATA[Treasury should curb pay for bailed out companies, watchdog says]]></title>
<link><![CDATA[http://www.autonews.com/article/20130226/OEM02/130229912/treasury-should-curb-pay-for-bailed-out-companies-watchdog-says]]></link>
<guid>http://www.autonews.com/article/20130226/OEM02/130229912/treasury-should-curb-pay-for-bailed-out-companies-watchdog-says</guid>
<pubDate><![CDATA[Tue, 26 Feb 2013 17:06:53 EST]]></pubDate>
<description><![CDATA[WASHINGTON (Bloomberg) -- The U.S. Treasury Department should reevaluate total compensation for employees in companies that were bailed out and apply guidelines that will curb excessive pay, said Christy Romero, the special inspector general for the Troubled Asset Relief Program. "Treasury's ...]]></description>
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<title><![CDATA[GM paid CEO Akerson $11.1 million for 2012]]></title>
<link><![CDATA[http://www.autonews.com/article/20130226/OEM02/130229915/gm-paid-ceo-akerson-11-1-million-for-2012]]></link>
<guid>http://www.autonews.com/article/20130226/OEM02/130229915/gm-paid-ceo-akerson-11-1-million-for-2012</guid>
<pubDate><![CDATA[Tue, 26 Feb 2013 15:51:12 EST]]></pubDate>
<description><![CDATA[Editor's note: Update clarifies that Akerson's compensation was within Treasury guidelines. DETROIT -- General Motors paid CEO Dan Akerson $11.1 million last year, a GM official with knowledge of the matter said today. The official disclosed Akerson's 2012 pay about a month ahead of GM's formal ...]]></description>
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<title><![CDATA[GM denies reports of proposed hike in CEO Akerson's 2013 pay]]></title>
<link><![CDATA[http://www.autonews.com/article/20130225/OEM02/130229927/gm-denies-reports-of-proposed-hike-in-ceo-akersons-2013-pay]]></link>
<guid>http://www.autonews.com/article/20130225/OEM02/130229927/gm-denies-reports-of-proposed-hike-in-ceo-akersons-2013-pay</guid>
<pubDate><![CDATA[Mon, 25 Feb 2013 20:11:36 EST]]></pubDate>
<description><![CDATA[DETROIT -- General Motors today strongly denied several media reports that it has requested an increase in CEO Dan Akerson's government-approved compensation for 2013. On Monday, The Detroit News and Bloomberg were among news outlets saying GM is proposing to pay Akerson $11.1 million this year. ...]]></description>
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<title><![CDATA[Executive pay at bailed-out companies subject of D.C. hearing]]></title>
<link><![CDATA[http://www.autonews.com/article/20130222/OEM02/130229949/executive-pay-at-bailed-out-companies-subject-of-d-c-hearing]]></link>
<guid>http://www.autonews.com/article/20130222/OEM02/130229949/executive-pay-at-bailed-out-companies-subject-of-d-c-hearing</guid>
<pubDate><![CDATA[Fri, 22 Feb 2013 18:22:26 EST]]></pubDate>
<description><![CDATA[WASHINGTON -- A congressional subcommittee plans to hold a hearing Tuesday on executive pay at companies, including General Motors and Ally Financial Inc., that the federal government bailed out about four years ago. The House Oversight Committee's panel on economic growth, job creation and ...]]></description>
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<title><![CDATA[U.S. Treasury: Cost of auto bailout drops to $20.3 billion]]></title>
<link><![CDATA[http://www.autonews.com/article/20130211/OEM11/130219950/u-s-treasury-cost-of-auto-bailout-drops-to-20-3-billion]]></link>
<guid>http://www.autonews.com/article/20130211/OEM11/130219950/u-s-treasury-cost-of-auto-bailout-drops-to-20-3-billion</guid>
<pubDate><![CDATA[Mon, 11 Feb 2013 15:56:03 EST]]></pubDate>
<description><![CDATA[WASHINGTON -- The Treasury Department on Monday said the overall cost of its 2008 financial-rescue effort was reduced to $55.48 billion from $59.68 billion, as it has recouped a majority of the costs of programs that unlocked tight credit markets. The latest tally means that about 93 percent of the ...]]></description>
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<title><![CDATA[Ally sees full U.S. repayment by 2014 on auto business gains]]></title>
<link><![CDATA[http://www.autonews.com/article/20130211/RETAIL06/130219963/ally-sees-full-u-s-repayment-by-2014-on-auto-business-gains]]></link>
<guid>http://www.autonews.com/article/20130211/RETAIL06/130219963/ally-sees-full-u-s-repayment-by-2014-on-auto-business-gains</guid>
<pubDate><![CDATA[Mon, 11 Feb 2013 10:11:48 EST]]></pubDate>
<description><![CDATA[ORLANDO (Bloomberg) -- Ally Financial Inc., the second-largest remaining investment by the U.S. Treasury's bailout fund, will repay the government by 2014 on the strength of its auto-finance business, its CEO said. Ally can make a significant payment this year toward the $14.6 billion still outstanding from the Treasury's Troubled Asset Relief Program, CEO Michael Carpenter said in an interview. Ally in 2012 financed the most new- and used-vehicle sales in the U.S. for the second consecutive year. "We are 100 percent confident that we can repay the American taxpayer completely," Carpenter, 65, said at the National Automobile Dealers Association's convention here. "Whether that's this year or next year, I don't know. But it's in that time frame." Ally is selling assets outside the U.S. to narrow the company's focus to autos and its online retail bank while fending off claims tied to its Residential Capital unit, which went bankrupt because of losses on subprime home mortgages. Ally's auto unit has expanded its used, leasing and subprime financing offerings ahead of expirations this year of agreements that guarantee business from General Motors Co. and Chrysler Group LLC. GM Financial, the largest U.S. automaker's credit arm, agreed in November to purchase Ally's international auto-finance businesses in Europe, Latin America and China for $4.2 billion. In October, Ally agreed to sell its Canadian operations to Royal Bank of Canada, receiving $4.1 billion, and reached a deal to sell its Mexican insurance business to Ace Ltd. for $865 million. U.S. autos Once Ally completes those deals, U.S. auto financing will be "basically our only business," Carpenter said in the Saturday interview. "Our customers don't have to worry that we'll wake up on Monday morning and decide we don't think this is as attractive as we used to and back away," he said. Banks including Wells Fargo and Co. have pursued auto financing after consumer debt within the industry performed better than most other categories during the financial crisis. U.S. sales of cars and light trucks climbed by at least 10 percent each of the last three years. Ally received $17.2 billion from the U.S. in a rescue that began more than four years ago. The lender, formerly known as GMAC Inc. and owned by GM until 2006, effectively became the captive finance units for GM and Chrysler, keeping credit flowing to new-vehicle buyers following the automakers' bankruptcies, said Bill Muir, Ally's president and head of its auto operations. Diversified offerings "For us, that was not a sustainable model," Muir said in an interview at the NADA convention. "We were dependent on what the manufacturer wants." Used-vehicle financing and leasing were 46 percent of Ally's originations last year, up from 14 percent in 2009. Subsidized-rate loans, made to consumers at below-market rates for the automaker's marketing campaigns, have dropped to 20 percent of originations from 58 percent during that span. With so-called subvented loans, the automaker compensates the lender for the difference for the below-market rates. "We now have morphed to our business reflecting what's important to the dealer," Muir said. "We've trended toward a much more balanced group of business, which by the way has better margins." Ally's agreement with Chrysler that guarantees a minimum percentage of its vehicles sold with subvented loans, expires at the end of April. Chrysler, majority owned by Fiat S.p.A., last week reached an agreement with Banco Santander SA, Spain's biggest bank, to replace its deal with Ally. Santander Consumer USA Inc. is forming Chrysler Capital, which begins operations May 1. GM's agreement with Ally ends at the end of this year. Subvented loans "We're still happy to do subvented buying, but it's not our reason for existence anymore," Muir said. "There's opportunity to do it with GM and Chrysler. We'll be competing, and when it makes sense for us, we'll do it." The U.S. Treasury and the watchdog for its bailout program sparred last month over whether the department has an adequate exit plan for Ally. Christy Romero, the special inspector general for the TARP, wrote in a report that while Treasury has listed several options for divesting its Ally investment, including a public or private sale of stock, Treasury hadn't decided which of these exit paths to take. Timothy Massad, the Treasury's assistant secretary for financial stability, said in a letter to the inspector general released last month that the exit plan involves the reorganization of ResCap, Ally's mortgage unit, and the sale of the company's international operations. Treasury's exit "We can make a significant repayment to Treasury this year, for sure," Carpenter said. "Whether we can get them all the way out this year, probably not is the real answer." Ally is the second largest remaining TARP investment behind GM, which hadn't repaid $21.6 billion as of the end of last year, according to the special inspector general for the TARP. "We don't want them as our shareholder, and they don't want to have the investment," Carpenter said of the Treasury Department's 74 percent stake in Ally.]]></description>
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<title><![CDATA[Ally posts Q4 profit as U.S. vehicle sales increase]]></title>
<link><![CDATA[http://www.autonews.com/article/20130206/FINANCE_AND_INSURANCE/302069997/ally-posts-q4-profit-as-u-s-vehicle-sales-increase]]></link>
<guid>http://www.autonews.com/article/20130206/FINANCE_AND_INSURANCE/302069997/ally-posts-q4-profit-as-u-s-vehicle-sales-increase</guid>
<pubDate><![CDATA[Wed, 06 Feb 2013 00:01:00 EST]]></pubDate>
<description><![CDATA[NEW YORK (Bloomberg) -- Ally Financial Inc., the biggest U.S. auto lender, swung to a fourth-quarter profit as more consumers went shopping for cars and trucks. Net income was $1.4 billion, compared with a loss of $206 million a year earlier, the company said Tuesday. Core pretax income was $19 ...]]></description>
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<title><![CDATA[Ally posts Q4 profit as U.S. vehicle sales increase]]></title>
<link><![CDATA[http://www.autonews.com/article/20130205/RETAIL02/130209945/ally-posts-q4-profit-as-u-s-vehicle-sales-increase]]></link>
<guid>http://www.autonews.com/article/20130205/RETAIL02/130209945/ally-posts-q4-profit-as-u-s-vehicle-sales-increase</guid>
<pubDate><![CDATA[Tue, 05 Feb 2013 11:41:22 EST]]></pubDate>
<description><![CDATA[NEW YORK (Bloomberg) -- Ally Financial Inc., the biggest U.S. auto lender, swung to a fourth-quarter profit as more consumers went shopping for cars and trucks. Net income was $1.4 billion, compared with a loss of $206 million a year earlier, the company said today in a statement. Core pretax ...]]></description>
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<title><![CDATA[Ford Earns $1.6 Billion (1/29/13)]]></title>
<link><![CDATA[http://search.autonews.com/v/71368838/ford-earns-1-6-billion-1-29-13.htm?]]></link>
<guid>http://search.autonews.com/v/71368838/ford-earns-1-6-billion-1-29-13.htm?</guid>
<pubDate><![CDATA[Tue, 29 Jan 2013 08:57:12 EST]]></pubDate>
<description><![CDATA[N.A. shines, while Europe outlook darkens; watchdog raps 'excessive' GM, Ally pay; a way to buy a Hyundai.]]></description>
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<title><![CDATA[U.S. Treasury failed to curb excess 2012 pay at GM, Ally, watchdog says]]></title>
<link><![CDATA[http://www.autonews.com/article/20130128/OEM/301289742/u-s-treasury-failed-to-curb-excess-2012-pay-at-gm-ally-watchdog]]></link>
<guid>http://www.autonews.com/article/20130128/OEM/301289742/u-s-treasury-failed-to-curb-excess-2012-pay-at-gm-ally-watchdog</guid>
<pubDate><![CDATA[Mon, 28 Jan 2013 14:34:21 EST]]></pubDate>
<description><![CDATA[WASHINGTON (Bloomberg) -- The U.S. Treasury Department "failed to rein in excessive pay" at bailed-out General Motors, Ally Financial Inc., and American International Group Inc., the rescue program's inspector general said. Sixteen of the 69 top employees at the three companies had 2012 pay packages worth at least $5 million and all but one had total compensation of $1 million or more, the Special Inspector General for the Troubled Asset Relief Program said in a report today. Since much of the compensation is in stock, only three of the executives had cash salaries of more than $1 million. Despite previous warnings by the special inspector general that the Treasury "lacked robust criteria, policies and procedures" to curb excessive pay, the department "made no meaningful reform to its processes," according to the report. The Treasury's decisions "were largely driven by the pay proposals" made by GM, Ally and AIG, according to the watchdog known by the acronym SIGTARP. "SIGTARP found that once again, in 2012, Treasury failed to rein in excessive pay," according to the report. Patricia Geoghegan, the Treasury's acting special master for TARP executive compensation, said she disagreed with the special inspector general's findings. The Treasury "has limited excessive compensation while at the same time keeping compensation at levels that enable" the three companies to remain competitive and repay their bailout money, Geoghegan said in a Jan. 25 letter to Christy Romero, the special inspector general. Top executives Pay for top executives at seven bailed-out companies was scrutinized and restricted by the Treasury special master's office starting in 2009. Chrysler Group, Chrysler Financial Corp., AIG, Bank of America Corp., and Citigroup Inc. have left TARP and are no longer subject to the special master's rulings. The Treasury plans to sell its remaining shares in GM in the next 12 to 15 months and end its ownership in the automaker, which received $50 billion in taxpayer money in a bailout that began in 2009. In December, when it announced plans to unload its GM shares, the government lifted some restrictions on the company, such as a prohibition against traveling on company-owned aircraft. GM CEO Dan Akerson has openly complained the pay caps have hurt the company's ability to recruit and retain top executives. Akerson's 2012 compensation package was set at $9 million with a cash salary of $1.7 million and stock salary of $7.3 million, The Detroit Free Press reported. A Treasury Department official told the Free Press today that the Treasury does not plan to lift the pay restrictions until it has sold all of its shares. GM will disclose final 2012 compensation levels for its top five executives this spring. "General Motors is performing at its highest levels in years with a string of 11 profitable quarters and soon will have one of the industry's newest product lineups, while complying with all TARP restrictions and Special Master's decisions," GM said in a statement today responding to the watchdog report. U.S. Treasury officials last year froze Akerson's pay and authorized a 12 percent cut in total compensation for GM's top executives. But several top GM executives received increases, according to today's report. GM Vice Chairman Stephen Girsky, who was later appointed as interim president of GM's struggling European operations, received a $5.4 million package, including a $600,000 cash salary. GM CFO Daniel Ammann received a $5 million package with a cash salary of $750,000. The report specifically challenged raises for two leaders of GM's European operations. GM has lost more than $16 billion in Europe over the last 13 years. Four GM executives were awarded raises of 15 percent to 23 percent "on the basis that they were among the individuals that GM's CEO most relied on, and they had received significant promotions or increased job responsibilities," according to the report. "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. The Treasury approved all 18 pay raises requested by the companies. But Geoghegan, the Treasury's "pay czar," agreed to shift more pay away from longer-term incentive pay. GM and Ally each proposed nine pay raises, and AIG proposed one pay raise worth $1 million, the report said. Treasury approved raises of 15 percent to 23 percent without any further detail or analysis for four employees "on the basis that they were among the individuals that GM's CEO most relied on, and they had received significant promotions or increased job responsibilities," the audit said. Ally, the auto lender formerly known as GMAC that received a $17.2 billion rescue, is the non-bankrupt parent of bankrupt Residential Capital LLC. ResCap filed for reorganization in May. An examiner is due to issue a report in April concerning a proposed settlement between Ally and ResCap. The Congressional Budget Office estimated in October that TARP would ultimately cost taxpayers $24 billion, less than the $109 billion projected in March 2010. Congress authorized $700 billion for the financial rescue in October 2008, and the bill was signed into law by President George W. Bush. About $418 billion of the $700 billion has been used, and the Treasury has recovered $389 billion. AIG, the New York-based insurer that left TARP in December, has said the pay limits imposed as part of a rescue package that swelled to $182.3 billion harmed its ability to attract, retain and motivate employees. Proceeds from the Treasury's sale of its remaining AIG shares boosted U.S. profit on that bailout to $22.7 billion. AIG's managers may now get more incentive pay, Chairman Steve Miller said in a Bloomberg Television interview last week. He said the compensation committee met to design the bonus program, and targets may be set within two months. AIG Chief Executive Officer Robert Benmosche, 68, received less than some peers in 2011. He got about $14 million in total compensation, including a $3 million salary and $10.9 million in stock awards, according to a regulatory filing. Jay Fishman, the CEO of Travelers Cos., the only insurer in the Dow Jones Industrial Average, received $16.5 million. John Strangfeld, CEO of Prudential Financial Inc., the No. 2 U.S. life insurer, got $23.7 million. Bloomberg and David Phillips contributed to this report]]></description>
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<title><![CDATA[Ally pays off remaining debt issued under FDIC program]]></title>
<link><![CDATA[http://www.autonews.com/article/20121219/RETAIL02/121219857/ally-pays-off-remaining-debt-issued-under-fdic-program]]></link>
<guid>http://www.autonews.com/article/20121219/RETAIL02/121219857/ally-pays-off-remaining-debt-issued-under-fdic-program</guid>
<pubDate><![CDATA[Wed, 19 Dec 2012 11:59:52 EST]]></pubDate>
<description><![CDATA[DETROIT (Reuters) -- Ally Financial Inc., the U.S. auto lender now 74 percent owned by the U.S. government, said it has repaid its remaining debt issued under a financial-crisis-era program designed to bolster confidence in the banking system. The former auto lending arm of General Motors said it ...]]></description>
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<title><![CDATA[Analysts, investors, others react to GM's move to purchase shares held by U.S.]]></title>
<link><![CDATA[http://www.autonews.com/article/20121219/OEM/121219859/analysts-investors-others-react-to-gms-move-to-purchase-shares-held]]></link>
<guid>http://www.autonews.com/article/20121219/OEM/121219859/analysts-investors-others-react-to-gms-move-to-purchase-shares-held</guid>
<pubDate><![CDATA[Wed, 19 Dec 2012 11:42:35 EST]]></pubDate>
<description><![CDATA[GM said it will buy back 200 million of its shares from the U.S. Treasury and the government plans to sell its remaining stake within 15 months, all but assuring a multibillion dollar loss. Analysts, investors and others react to the move: "We applaud GM management for unlocking shareholder value ...]]></description>
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<title><![CDATA[Obama finding what's good for GM not so good for taxpayers]]></title>
<link><![CDATA[http://www.autonews.com/article/20121108/OEM/121109875/obama-finding-whats-good-for-gm-not-so-good-for-taxpayers]]></link>
<guid>http://www.autonews.com/article/20121108/OEM/121109875/obama-finding-whats-good-for-gm-not-so-good-for-taxpayers</guid>
<pubDate><![CDATA[Thu, 08 Nov 2012 12:20:12 EST]]></pubDate>
<description><![CDATA[DETROIT (Bloomberg) -- The General Motors bailout played an important role in the re-election of President Barack Obama, who stumped on the issue in Midwestern swing states. Now comes the hard part: unloading the government's stake, probably at a big loss. GM received $51 billion from the U.S. ...]]></description>
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<title><![CDATA[Detroit 3 profits underscore auto industry gains under Obama]]></title>
<link><![CDATA[http://www.autonews.com/article/20121103/OEM01/121109946/detroit-3-profits-underscore-auto-industry-gains-under-obama]]></link>
<guid>http://www.autonews.com/article/20121103/OEM01/121109946/detroit-3-profits-underscore-auto-industry-gains-under-obama</guid>
<pubDate><![CDATA[Sat, 03 Nov 2012 00:01:00 EDT]]></pubDate>
<description><![CDATA[DETROIT (Bloomberg) -- U.S. automakers would endorse four more years with profits like those this week. A second term for President Barack Obama, who made saving General Motors Co. a campaign pillar, hinges on whether voters give him the credit. Four years ago, GM and Chrysler Group LLC's ...]]></description>
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<title><![CDATA[Former GM CEO Whitacre urges U.S. to sell stake in automaker]]></title>
<link><![CDATA[http://www.autonews.com/article/20120920/OEM02/120929992/former-gm-ceo-whitacre-urges-u-s-to-sell-stake-in-automaker]]></link>
<guid>http://www.autonews.com/article/20120920/OEM02/120929992/former-gm-ceo-whitacre-urges-u-s-to-sell-stake-in-automaker</guid>
<pubDate><![CDATA[Thu, 20 Sep 2012 10:37:28 EDT]]></pubDate>
<description><![CDATA[DETROIT (Reuters) -- The U.S. government should sell all of its stake in General Motors Co. as quickly as possible, former GM CEO Ed Whitacre said today. In an opinion piece published in The Wall Street Journal , Whitacre called the Treasury Department's holding a "distraction" for the company, ...]]></description>
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<title><![CDATA[U.S. Treasury resists GM plan to sell government stake]]></title>
<link><![CDATA[http://www.autonews.com/article/20120917/OEM/309179816/u-s-treasury-resists-gm-plan-to-sell-government-stake]]></link>
<guid>http://www.autonews.com/article/20120917/OEM/309179816/u-s-treasury-resists-gm-plan-to-sell-government-stake</guid>
<pubDate><![CDATA[Mon, 17 Sep 2012 02:16:42 EDT]]></pubDate>
<description><![CDATA[WASHINGTON (Reuters) -- The U.S. Treasury Department is unwilling to sell the government's stake in General Motors because a sale now would mean huge investment losses, The Wall Street Journal reported today, citing people close to the matter. Earlier this year GM floated a plan with Treasury ...]]></description>
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<title><![CDATA[GM, Chrysler bailouts draw ire of former AIG chairman]]></title>
<link><![CDATA[http://www.autonews.com/article/20120912/OEM/309129860/1424]]></link>
<guid>http://www.autonews.com/article/20120912/OEM/309129860/1424</guid>
<pubDate><![CDATA[Wed, 12 Sep 2012 12:49:22 EDT]]></pubDate>
<description><![CDATA[DETROIT (Bloomberg) -- Harvey Golub, the former chairman of American International Group Inc., said President Barack Obama "violated every bankruptcy principle known to man" in the rescue of General Motors Co. and Chrysler Group LLC. "One of the major elements of a bankruptcy is that debtors ...]]></description>
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