The "Special Master" Firms

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.

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.

Why Principals Matter

Nadia Lopez didn't think anybody cared about her middle school. Then Humans of New York told her story to the Internet—and everything changed.

Join the Discussion

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

Please note that The Atlantic's account system is separate from our commenting system. To log in or register with The Atlantic, use the Sign In button at the top of every page.

blog comments powered by Disqus

Video

A History of Contraception

In the 16th century, men used linen condoms laced shut with ribbons.

Video

'A Music That Has No End'

In Spain, a flamenco guitarist hustles to make a modest living.

Video

What Fifty Shades Left Out

A straightforward guide to BDSM

More in Politics

Just In