March 2 (Bloomberg) -- GMAC Inc., the auto and home lender that hasn’t cracked a profit since 2008, gave Chief Executive Officer Michael Carpenter a pay package rivaling that of Goldman Sachs Group Inc. CEO Lloyd Blankfein, who runs the most profitable securities firm in U.S. history.
GMAC paid Carpenter about $1.2 million in salary and restricted stock for the month-and-a-half he was employed by the Detroit-based company last year, equivalent to full-year pay of $9.5 million, according to a regulatory filing yesterday. Goldman Sachs paid Blankfein $9.6 million for 2009.
Carpenter, a 62-year-old former Citigroup Inc. executive who also ran Travelers Life & Annuity Co. and Kidder Peabody Group Inc., replaced former CEO Alvaro de Molina in mid- November. Carpenter’s package was approved by Kenneth Feinberg, the Obama administration paymaster who oversees GMAC compensation because the company received $17.3 billion in taxpayer bailout funds, GMAC said in the filing.
“His compensation was determined by the special master and reflects his experience leading other large complex financial- services organizations,” spokeswoman Gina Proia said in an interview. “Mike has joined GMAC at a critical time in turning around the operation.”
GMAC reported a loss in nine of the past 10 quarters and hasn’t had a profit since the final quarter of 2008. The company posted a record $3.9 billion loss in the fourth quarter and lost $10.3 billion for the year. De Molina received $3.7 million last year, according to the filing.
Link to complete articleGMAC CEO close to what Blankfein pulled in
The insanity never ends! At the end of December, GMAC received $3.8 billion in a third installment of government money. GMAC got $12.5 billion in two previous bailouts and almost $1 billion that was funneled through GM, which used it to invest in GMAC.
This is a complete disgrace and why America continues to sit back and simply absorb the injustice puzzles this grandpa to no end.
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