Quick Quiz: What TARP applicant “restored” a $2.2 million CEO salary?

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Which company applied for federally-funded assistance under the provisions of the Troubled Asset Relief Program (TARP) and on December 31, 2008 entered into a loan and security agreement with the United States Treasury and decided to “restore”  the CEO’s base salary to the “2006 level”?  A. Wells Fargo, B. General Motors, C. American Express, or D. Chrysler?

Answer:  B. General Motors, and the CEO  is G. Richard Wagoner, Jr.  His 2006 salary was $2.20 million.

To locate the SEC filings noting the restoration of the salary to the 2006 level, simply search GMs latest 10-K:

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Display the 10-K’s sections and go to the Item 11:

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Then look under the heading Executive Summary.

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