Bloomberg reports that serial taxpayer bailout recipient GMAC paid CEO Michael Carpenter and other top execs tens of millions of dollars last year. Carpenter got $1.2m. for 45 days of work, a clip that rivals the CEO pay of some of the most profitable financial companies. GMAC lost $10.3b. last year despite receiving over $17 billion in federal, state, county, and city bailout cash.
For those playing along — and pounding their heads on the floor — at home, recall that less than a year ago GMAC got $4.5m. from the state of North Carolina, $153,000 from Mecklenburg County, and $84,000 from the city of Charlotte
Also of note:
GMAC also paid Chief Risk Officer Sam Ramsey $7.7 million and handed $5.7 million to Tom Marano, CEO of mortgage unit Residential Capital LLC. Finance chief Robert Hull got $4.9 million and Chief Marketing Officer Sanjay Gupta received about $4 million.
The US Treasury Dept. owns 56 percent of beat-up mortgage lender ResCap and wants to sell it — possibly to debt-holder Warren Buffett says The New York Post.
I once again respectfully request a written apology from Bev Perdue and any and all state and local officials who welcomed GMAC’s HQ to Charlotte with large sacks of taxpayer cash.
Fools.
