NEW YORK ( TheStreet) -- The Treasury Department Friday said that the CEOs of Ally Financial, American International Group ( AIG) and General Motors ( GM) won't get pay raises in 2012.
The companies received exceptional assistance under the Troubled Asset Relief Program and are still partly owned by the federal government. In a news release, the Treasury Department said pay packages for the three companies' CEOs were frozen at 2011 levels but there was a change in the mix of stock salary and long-term restricted stock for these executives. As part of the TARP program, the government helps determine compensation for the top 25 executives at these companies. The release said that among the 69 executives in this group (six executives have departed since the beginning of the year), some compensation packages increased, while some decreased and some remained at 2011 levels. Overall, the cash compensation for these executives decreased 18%, and their total direct compensation decreased 10% from 2011 levels, the release said. > > Bull or Bear? Vote in Our Poll The three companies are the remaining recipients of exceptional assistance under TARP. The four other original recipients -- Bank of America ( BAC), Citigroup ( C), Chrysler Financial and Chrysler -- are no longer in the program. Shares of AIG closed Thursday up 37 cents at $32.89. Shares of GM closed the session down 29 cents at $24.81. The U.S. stock market was closed Friday in observance of Good Friday.