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On October 22, 2009, the US Department of Treasury’s Office of Special Master for executive compensation of companies receiving TARP funds made public letters issued to seven companies (AIG, Citigroup, Bank of America, Chrysler, General Motors, GMAC, and Chrysler Financial), and the Board of Governance of the Federal Reserve issued proposed guidance on incentive compensation policies
A common theme among the Obama administration, Congress, investors, and regulators is that executive compensation must refocus on different fundamentals: Long-term value rather than short-term profits; financial stability, and management of risks
