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executive 3 articles

U.S. Treasury approved GM exec pay raises despite poor performance, losses

Top executives at General Motors (GM) and Ally Finance (formerly GMAC, GM’s former consumer finance offspring) received “excessive” pay hikes approved by the U.S. Treasury Department, which has monitored and approved executive salaries and bonuses since the companies received $66.7 billion in taxpayer-funded bailout money. According to a report released Wednesday by the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), the Treasury Department allowed total pay packages of at least $1 million for all of the top executives at both companies. The report also says several GM executives who received a combined $3 million ... Read More

Massey executive sentenced to 42 months for deadly West Virginia mine blast

A former Massey Energy Co. executive has been sentenced to 42 months in prison for his role in the 2010 Upper Big Branch coal mine explosion in West Virginia, which killed 29 miners. David C. Hughart, 53, pleaded guilty February 28 to federal charges of conspiracy to impede the Mine Safety and Health Administration (MSHA) and conspiracy to violate U.S. laws regulating mine health and safety.  As president of Massey subsidiary company White Buck Coal, Hughart is the highest-ranking executive charged thus far in connection with the Upper Big Branch blast, the deadliest mining disaster in more than 40 years. ... Read More

After 8 industrial worker deaths in 4 months, OSHA vows to do more

Deputy Assistant Secretary Jordan Barab of the Occupational Safety and Health Administration issued a warning to the petrochemical and energy industries today, prompted by the deaths of 58 workers in just the last four months. Eleven of those deaths occurred when the Deepwater Horizon oil platform exploded in the Gulf of Mexico on April 20. Fifteen days prior to the BP oil rig disaster, 29 miners were killed in a West Virginia coal mine explosion. That mine is owned by Massey Energy, another company with a long and troubled history of federal safety violations. In testimony before a congressional panel on workplace ... Read More