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
$3 Million in Deferred Pay
From the Washington Times
By Jim McElhattonPresident 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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