GMAC Inc., the auto and home lender that has not posted a profit since 2008, gave Chief Executive Michael Carpenter a pay package rivaling that of Goldman Sachs Group Inc. CEO Lloyd Blankfein, who runs the most profitable securities firm in U.S. history.
GMAC paid Carpenter about $1.2 million in salary and restricted stock for the month-and-a-half he was employed by the Detroit company last year, equivalent to full-year pay of $9.5 million, according to a regulatory filing Monday. Goldman Sachs paid Blankfein $9.6 million for 2009.
Carpenter's package was approved by Kenneth Feinberg, the Obama administration paymaster who oversees GMAC compensation because the company received $17.3 billion in taxpayer bailout funds, GMAC said in the filing.
The restricted stock was awarded in two batches. Some of the stock awards will vest in three years, after which Carpenter and other executives will receive payouts in increments of 25% when GMAC repays funds received under the government's Troubled Asset Relief Program, the company said.
Others vest immediately but will not begin to pay out until two years after the award date, Gina Proia, a spokeswoman, said in an interview.
Carpenter got a salary of $119,726 and about $1.1 million in restricted stock, according to the filing.