September 8, 2009
Authored by: Robert Klingler
On August 19, 2009, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) published its latest Audit Report, titled “Despite Evolving Rules on Executive Compensation, SIGTARP Survey Provides Insights on Compliance.” The Report summarizes the results of SIGTARP’s survey of the first 364 TARP CPP recipients, focusing on their executive compensation responses. (SIGTARP previously published its Audit Report on the responses related to the use of TARP funds.)
In the aggregate, the responses are not particularly insightful. As noted in the Report’s conclusion:
Since EESA was enacted on October 3, 2008, the legislation and implementing guidance on executive compensation for TARP recipients have been in flux. Nevertheless, most CPP recipients report that they have made a concerted effort to comply with executive compensation limitations. Moreover, many institutions reported that they intend to comply with the additional restrictions on executive compensation enacted under ARRA. Nonetheless, some recipients voiced concerns about the new restrictions; in particular, they noted a need for further Treasury guidance or regulations to implement ARRA executive compensation limits.”
However, in addition to the Audit Report itself, SIGTARP has published redacted copies of all of the SIGTARP survey responses. Responses are listed both alphabetically, and by state.