Smoky Mountains Sunrise

Tuesday, May 12, 2009

Obama Treasury Nominee to Double Dip


No word yet on whether this appointee pays taxes, but Obama's nominee for the Treasury Department's top legal job proposes to double dip, receiving $153,200 from his federal salary and an additional $955,000 from TIAA-CREF, as a participant in their "long-term compensation plan."

Treasury Nominee to Keep Corporate Pay

$3 Million in Deferred Pay

From the Washington Times
By Jim McElhatton

President Obama's nominee for the Treasury Department's top legal job still can receive almost $3 million in pay over the next three years from one of the nation's largest financial-services companies under a compensation plan approved by government ethics lawyers.

If confirmed as the department's next general counsel, George W. Madison would earn a government salary of $153,200 and get an additional $955,000 next year from his previous employer, TIAA-CREF, as a participant in the New York-based company's "long-term compensation plan," according to a government ethics filing.

Click here to view the financial disclosure form for George Madison. (PDF)

Mr. Madison, who will no longer work for the company where he served as general counsel, will get $1.6 million from TIAA-CREF in 2011 and $333,000 in 2012 under the pay arrangement, government records show.

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