The "Special Master" Firms

More

The administration's new Executive Compensation Special Master, as Marc reported earlier, will be able to veto compensation plans for the 100 most highly paid employees at companies receiving "exceptional" assistance from the government--companies whose help has gone beyond that of regular TARP firms.

The firms that fall under that category, as laid out by a senior Treasury official in a conference call with reporters today, are: AIG, Citigroup, Bank of America, GM, GMAC, Chrysler, and Chrysler Financial. Their top 100 employees' pay will be subject to the Special Master's approval.

Under the new regulations announced today, "exceptional" assistance companies are those "receiving assistance under the programs for Systemically Significant Failing Institutions and the Targeted Investment Program and [or?] the Automotive Industry Financing Program," the Treasury official said. More broadly, they're firms receiving assistance not generally available to their peers, the official said.

Jump to comments
Presented by

Chris Good is a political reporter for ABC News. He was previously an associate editor at The Atlantic and a reporter for The Hill.

Get Today's Top Stories in Your Inbox (preview)

A Technicolor Time-Lapse of Alaska's Northern Lights

The beauty of aurora borealis, as seen from America's last frontier


Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

A Time-Lapse of Alaska's Northern Lights

The beauty of aurora borealis, as seen from America's last frontier

Video

What Do You Wish You Learned in College?

Ivy League academics reveal their undergrad regrets

Video

Famous Movies, Reimagined

From Apocalypse Now to The Lord of the Rings, this clever video puts a new spin on Hollywood's greatest hits.

Video

What Is a City?

Cities are like nothing else on Earth.

Video

CrossFit Versus Yoga: Choose a Side

How a workout becomes a social identity

Video

In Online Dating, Everyone's a Little Bit Racist

The co-founder of OKCupid shares findings from his analysis of millions of users' data.

Writers

Up
Down

More in Politics

Just In