The Real Deal Miami

Despite losses, GMAC execs get big paydays

March 02, 2010 10:20AM

Home and auto lender GMAC, which lost $10.3 billion in 2009, paid a hefty price to bring on new CEO Michael Carpenter in mid-November, according to a regulatory filing today. For the month-and-a-half he was working there, Carpenter received $1.2 million, which works out to about $9.5 million per year. That’s more akin to Goldman Sachs CEO Lloyd Blankfein’s salary — $9.6 million in 2009 — than to former GMAC CEO Alvaro de Molina’s, which was $3.7 million for the year. GMAC lost a record $3.9 billion in the fourth quarter and took a third government bailout. The company also paid Sam Ramsey, its Chief Risk Officer, $7.7 million, and Tom Marano, CEO of mortgage unit Residential Capital, $5.6 million. [Bloomberg]