Ridiculous!:
GMAC paid Mr. Carpenter about $1.2 million in salary and restricted stock last year for a month and a half of work. That is equivalent to full-year pay of $9.5 million, according to a regulatory filing on Monday. Goldman Sachs paid Mr. Blankfein $9.6 million for 2009.
Mr. Carpenter, 62, a former Citigroup executive who also ran Travelers Life & Annuity and
Kidder Peabody, succeeded Alvaro de Molina as chief executive in mid-November. GMAC said in a filing that Mr. Carpenter’s package was approved by Kenneth R. Feinberg, the Obama administration paymaster who oversees compensation at companies that received bailout money. GMAC received $17.3 billion in taxpayer-financed bailouts.
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