The Detroit Free Press reports that the United States Treasury has exercised its power to put a cap on executive compensation at General Motors by freezing CEO Dan Akerson's pay at last year's levels. Akerson brought home a total of $9 million last year including salary, stock and restricted stock.

The executive's $1.7 million salary will remain unchanged this year, with the rest of his earnings coming via performance-based stock salary. Meanwhile, some 25 of the company's most highly compensated executives will also see their compensation limited for 2012. All told, the Treasury says executive pay dropped by around 12 percent from 2011 to 2012.

GM has warned meddling with executive pay could result in a talent exodus from the company, but so far, The Detroit Free Press reports only two leaders have walked away from the automaker. GM says the cuts may also make it difficult to hire new talent moving forward.

GM currently owes the U.S. Treasury around $25 billion.

How does Akerson's pay line up with other auto executives? Chrysler CEO Sergio Marchionne takes home a combined $22.2 million for his efforts both at the American automaker and Fiat while Ford CEO Alan Mulally earned an impressive $29.5 million in 2011.


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  • 109 Comments
      Dwight Bynum Jr.
      • 3 Years Ago
      Aww, only $1.7 million? Boo-effing-hoo! I find it pretty hard to feel sorry for ANYONE with a 7 figure salary.
      Soul Shinobi
      • 3 Years Ago
      Finally.
      Avinash Machado
      • 3 Years Ago
      So do you think Akerson might quit?
      The Angry Intern
      • 3 Years Ago
      This photo needs a caption contest.
      Avinash Machado
      • 3 Years Ago
      Could this be because it is an election year?
      Steve
      • 3 Years Ago
      OK. It's time GM got out of the car business. Sell the remaining stock soon and lets move on. The Feds are not good at this and should stay out of it. If GM fails again, let it fail. Now they should be on their own. They can make it. Government just needs to do it's job of overseeing and regulating the market. Look at what happened when it did not. What a mess!!!
      Aaron
      • 3 Years Ago
      Even bigger news. The USA credit rating was cut last week, but Obama Jong-Il told all his lamestream media not to report it. Did you read about it?
        Travisty
        • 3 Years Ago
        @Aaron
        What exactly does your comment have to do with either GM or cars in general? NOTHING. Take your political BS somewhere else, maybe redstate.com?
        • 3 Years Ago
        @Aaron
        [blocked]
        XJ Yamaha
        • 3 Years Ago
        @Aaron
        the fact you said "Obama Jong-Il" is proof enough you're a moron. Do us all a favor and quit taking your eyes off FoxNews. You're idiocy isn't wanted elsewhere.
        Justin Campanale
        • 3 Years Ago
        @Aaron
        Seriously. If you're going to be making up BS that Fox News fed you on here, do it somewhere else.
        Frank
        • 3 Years Ago
        @Aaron
        Do you think all you seminar posters could just get off the Fox News kick and address his point? One already said that Fox didn't report such a thing (I guess that means he watches it!). So why are we bashing Fox when it has nothing to to do with Spies comment? What's next from you guys? AB post - "My mom makes $10,000 a day with her laptop... blah blah blah." seminar poster - "Stop repeating lies from Fox News!!!" Me - WTH???
          Justin Campanale
          • 3 Years Ago
          @Frank
          @cuda Most Repulitards don't have a brain of their own, or they can't think clearly. So they usually resort to the whole "DEM LIBREL IS BAD BAD COMMIES DEY WANNA RAISE TAXES N DEY WANT BIG GUBMENT DE TEA PARTY IS GAWDDDDDDDD!!!!!" Two can play this game. :D
      plarson79
      • 3 Years Ago
      Pay back the US Treasury and you can pay your employees what ever you want. Those other companies mentioned in this article do not owe the U.S. Treasury a single red cent.
        guyverfanboy
        • 3 Years Ago
        @plarson79
        I agree. However, getting the stock to $52-54 (or whatever it is) for the government to recoup it's money is another thing...
        • 3 Years Ago
        @plarson79
        [blocked]
          cuda010
          • 3 Years Ago
          Not really. R&D loans are completely different than bailout loans. Now you just sound like another moron who has an opinion on which he knows nothing about. Keep voting for Obama though!
          • 3 Years Ago
          [blocked]
      jinushaun
      • 3 Years Ago
      Don't like it? Pay back the rest of the $25B.
      bugvey41
      • 3 Years Ago
      The bailout was a massive disaster. It's only a matter of time until GM collapses, taking our money with it...
        darkness
        • 3 Years Ago
        @bugvey41
        Im still waiting for my money rrom these illegal wars.........DERP!!!!
        Dark Gnat
        • 3 Years Ago
        @bugvey41
        So shouldn't you hope that GM does well, so that it can pay back the money? When you loan money to a friend, do you hope they get killed so they don't have to pay you back?
          alexkoolur
          • 3 Years Ago
          @Dark Gnat
          no. The fact that they got $ was a travesty of free market capitalism...the gov't picking and choosing winners simply because of the size of SPECIAL INTEREST UNIONS. All done for votes, not "american jobs". If you believe that one, I have a bridge for you...
          • 3 Years Ago
          @Dark Gnat
          [blocked]
          Frank
          • 3 Years Ago
          @Dark Gnat
          @Nick, "Traitors like you should be shoved through a meat grinder." That's a great idea! We should just kill people like alexkoolur who disagree with you. Then it will be a better country, right?
          Aaron
          • 3 Years Ago
          @Dark Gnat
          One reason for the obsession with MSNBC is that David Brock has weekly meetings with Obama on how to cover the stories in a favorable manner. David Brock then writes the scripts for MSNBC to read on air.
      Peter Foglia
      • 3 Years Ago
      I'd like to know how much Bob King (UAW) made last year...
        ngiotta
        • 3 Years Ago
        @Peter Foglia
        $153,000-- according to the UAW website.
      scocrmch
      • 3 Years Ago
      "GM has warned meddling with executive pay could result in a talent exodus from the company," Tough crap!!! You asked to be bailed out, you can live with the consequences. You don't want limits, then pay back the rest of the $25B you owe the taxpayers.
        vince
        • 3 Years Ago
        @scocrmch
        The government got equity in the company, there are no more "loans" to be paid back. In chapter 11, it is common for a creditor to get stock in exchange for forgiveness of debt, in this case the treasury got 33% of the company. The treasury has the option to sell those shares at any point to recover some of the their money, whether they do so at a low share price and loose money or at a higher share price and make a profit is up to them. The constant drivel on the comment section of this site regarding GM paying back the government is getting very very old. The situation is what it is, what happened has happened, get over it.
          protovici
          • 3 Years Ago
          @vince
          If someone owed you $100K I dont think you would say it is get "very very old" to ask for it back. I would imagine you would seek out that money until the end of time. The situation now is they need to get in gear and send the money back. I dont think the government is in the business to mange, buy/sell stock. If it was this country would be back in the stone age already.
          vince
          • 3 Years Ago
          @vince
          Proto, did you understand what I wrote? GM does not owe them money, they gave them something in exchange for their debt. Let me give you an example, if I owed you $250 and did not have any money, and offered you my bike instead and you accepted, then we are done, its over. Its now on you to sell the bike and get your money, or do whatever else you want. If you took my bike and then kept asking for your money, I would tell you to go eff yourself.
          vince
          • 3 Years Ago
          @vince
          OK so...the Government now has the valuable in hand, they agreed to accept that valuable in exchange for the money they were owed, please explain how GM still owes them money? The end result is that the debt is resolved. Why is this so complicated to understand?
        darkness
        • 3 Years Ago
        @scocrmch
        Im sure "talent" would wrapped around the building for a job paying millions.
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