the maps but remove it had weeks later after widespread criticism. they are raising the white flag at guantanamo bay. the special envoy in charge of the prison has been reassigned. no one is reportedly replacing them. now to stories we can bank on this morning. joining the fox business network lauren simonetti up first bailed out baigs brenks breaking the n reports. treasury ignored its own rules on how much to pay the top dogs at companies that received tax payer bailout. the watchdog accuses them of approving compensation packages of $3 million for general motors aig and allied financial. she signed off more than $6 million raises for employees at those three firms. they received a combined
bailout rage returns. cnbc s mandy drury is here with what s moving your money. and at a time where most workers would be happy to get any kind of raise, big pay hikes still going out to companies that got billions of dollars in taxpayer bailouts. that s right, chris. according to a watchdog report this morning, the treasury department ignored its own guidelines on executive pay at firms that received taxpayer bailouts. and last year approved compensation packages of over $3 million for senior execs at companies like general motors, allied financial, and aig. now, apparently, the government s pay czar signed off on $6.2 million in raises for 18 employees at those three companies. and the ceo of a division at aig received a $1 million pay raise. an exec at gm s troubled european union was also given a $100,000 pay raise. and in another instance, chris, apparently an employee at allied s residential capital was awarded a $200,000 pay raise,
framed as punishment for political activism. fellow inmate king spent 29 years in solitary before released when his conviction was overturned. the number of prisoners held in solitary confine held in solita confinement is hard to come by, because two years ago the bureau of prisons found that 89 people were held in solitary confinements in state prisons. and now we know that rubber stamps are not just given by city shareholders. there was a binding no to the pay package for vikram pundit and proposed compensation packages for four top execives as well. we know that this is a system of crohnism fars in which highly paid ceos sit on other companies and where shockingly they demand exorbitant compensation. we know that pay was áq 23% an in 2011, it was up another 14%.
government regulators say officials have set limits for whoever takes over, a target of $500,000 a year in pay. the chairman of the house financial services committee says it s about time. in a statement he writes: the lavish compensation packages, million dollar bonuses that have been given to top executives in these two failed companies are an outrage to those taxpayers whose assistance is the only thing keeping fannie mae and freddie mac afloat. though one analyst and former federal housing official says taxpayers actually got a pretty good deal for their money. you can t look at the pay and the losses, um, you do not the compensation executive is not like a stock in the stock market. it doesn t go up and down every day. you have to pay to attract people who have the background and sophistication and expertise to run this multitrillion dollar effort. reporter: and most of the current losses at fannie mae and
barney frank voting against it, the house financial services committee suspended the compensation packages for executives we told you, they wanted $6, $7 million more. the ceo s of those organizations, fannie and freddie will be on capitol hill today. their base pay starts at $900,000. they can make as much as $6 million in the coming year. and apparently you know, one of the things the lawmakers are saying, look, you know, the average cabinet secretary makes $200,000 a year. these guys are making four times more than that? because the argument head of a government agency. you can t get top talent if you don t offer these bonuses. they re going to stay on wall street. bottom line is guys that go into the become treasury secretary, they re all wealthy. they don t do it for the money. if they re doing a great job, though, if they re doing a great job, they wouldn t need another $10 million for bonuses. if they were in the private sector, nobody would be caring about this.