Now that General Motors (GM) is on better financial footing and the automaker's initial public offering of stock is behind it, CEO Daniel Akerson (pictured) reportedly is seeking to have government restrictions on executive pay eased.

According to The Wall Street Journal, Akerson is to meet Friday with the Obama administration official in charge of overseeing and placing limits on executive compensation at companies that received funds under the federal government Targeted Asset Relief Program (TARP).

The Detroit-based automaker, along with rival Chrysler Group, was among the companies to receive TARP funds following the 2008 financial crisis. Though GM has been able to attract top talent despite the salary limits, Akerson said that "we're starting to lose them now" and would like to see pay restrictions eased.

"We have to be competitive and retain talent," Akerson said in response to a question at the Economic Club of Washington, D.C., according to Reuters.

The U.S. Treasury's stake in GM was reduced to about 33% from more than 60% following last month's IPO, but the pay limits remain in place.

The Obama administration hasn't said when or if it will lift the restrictions as long as the government remains a shareholder in GM.




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Gary

FREEZE THEIR INCOME FOR TWO YEARS, FIRST FEDERAL EMPLOYEES, NOW GM EMPLOYEES, THEY SHOULD GET THE SAME TREATMENT AS THE FEDERAL EMPLOYEES, EVERY COMPANY WHO GOT FED MONEY SHOULD HAVE ALL EMPLOYEE PAY FROZEN, EVEN IF THEY PAID THE DEBT OFF. NEXT ALL STATE EMPLOYEES PAY SHOULD BE FROZEN THEN LOCAL GOVERNMENTS EMPLOYEES, IF YOU GET ANY FED MONEY YOUR PAY SHOULD BE FROZEN FOR TWO YEARS, THIS INCLUDES GRANTS AND ANY GOVT CONTRACTS. WELCOME TO THE HIND TIT GM, AND OTHERS.

December 12 2010 at 9:34 AM Report abuse rate up rate down Reply
dondavy28

BETTER PAY BACK THE TAXPAYERS THAT BAILED YOUR ASS OUT FIRST THAT GET A PENNY A WEEK PAY HIKE

December 12 2010 at 9:17 AM Report abuse rate up rate down Reply
Frank

First of all after GM shafted all its former stock holders by declaring bankrupcy , cheated its hourly and salaried workers out of retirement and benefits ! it wants to raise executive pay - give me a break ! First of all I would never ever buy another GM car - dollar for dollar there is no value there. GM had Saturn an excellent car and company and decided to kill it along with Pontiac and Oldsmobile . GM 's volt will end up being a dead battery ! Executive pay - The many must toil, sweat , and sacrifice so that the few can lead lives of luxury ! Wake up America if we are paying premium to higher tyhe best than why the Hell are our companies and government in the sad shape we find them ! The rich and powerful take all the surplus produced by labor and laugh all the way to their ocean front houses ~ and yatches!

December 10 2010 at 6:50 PM Report abuse +2 rate up rate down Reply
sjamieu

Does it require much "talent" to accept government bailouts? The board of directors should be on the constant lookout for better and less expensive leaders. That is how they replace any of their other employees. In today's economy, there has to be a lot of available talent. I would agree to even 'no limits' compensation, if there were a free market economy in America.

December 10 2010 at 12:54 PM Report abuse +2 rate up rate down Reply
brigittepj

If they have money they're itching to spend, why not create more jobs with it. Why do the already rich think they are entitled to be filthy rich?

December 10 2010 at 12:10 PM Report abuse +3 rate up rate down Reply
lyleva

What bullshit! Most upper managements, including CEOs, are already grossly overpaid...second homes, airplanes, yachts, personal servants etc. FAR more money should go to investors and shareholders.

December 10 2010 at 11:10 AM Report abuse +6 rate up rate down Reply
acyrerre

QUICK ASNWER NO

December 10 2010 at 10:53 AM Report abuse +2 rate up rate down Reply