'More than 700 institutions received emergency funding, but seven firms were given special status for receiving more than $350 billion combined from TARP and the Federal Reserve. Because of the size of their bailout, Congress allowed special master Kenneth Feinberg – later succeeded by Patricia Geoghegan – to set pay for the top 25 executives at these seven companies.
"Although generally he limited cash compensation and made some reductions in pay, the Special Master still approved total compensation packages in the millions," SIGTARP said. "For example, Ally officials pushed for high pay, despite knowing that Feinberg was concerned that a majority of the company’s top 25 employees were part of the problem that resulted in the need for a bailout."
Feinberg had the ability to limit packages to $500,000. Instead, between 2009 and 2011, he cleared salaries worth $5 million or more to 49 executives at the seven firms."
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