Top executives at General Motors, American International Group and Ally Financial will not get a pay raise this year, according to a news release from the Treasury Department.
They are the three remaining firms that accepted assistance from the Troubled Asset Relief Program and still owe money to the Treasury.
Patricia Geoghegan, acting special master for TARP executive compensation, released the compensation determinations Friday for the top 25 officials at each firm. Six of those executives have already left their companies.
Cash compensation for the remaining group of 69 executives decreased 18%, and total direct compensation decreased 10% from 2011 levels.
AIG has reduced its obligations to the government by 75%. The Treasury has recovered about half of the TARP funds invested in GM and one-third of funds invested in Ally Financial, formerly known as GMAC, according to the news release.
AIG received about $68 billion from the bailout program; GM, $49.5 billion; and Ally, $17.2 billion.
Bank of America, Citigroup, Chrysler Financial and Chrysler, which received “exceptional assistance” along with GMAC, AIG and Ally, have exited TARP.