$1 Million in Bonuses Went to RTC Officials

THE JOURNAL RECORD, February 25, 1993 | Go to article overview

$1 Million in Bonuses Went to RTC Officials


WASHINGTON (AP) _ More than $1 million in bonuses were paid last year to 136 officials of the federal agency in charge of the savings and loan cleanup, figures requested by a House subcommittee show.

Bonuses for 130 top officials of the Resolution Trust Corp., totaling $978,500, were approved by the agency's departing president and chief executive officer, Albert V. Casey. The agency's inspector general, John J. Adair, approved $34,700 in bonuses for six officials in his office.

The awards ranged from $1,500 to $25,000 and included 32 bonuses of $10,000 or more. The total bonus amount of $1,013,200 was more than double the $444,500 in bonuses paid by the agency in 1991.

Casey's top aides each received a $25,000 bonus.

"I find it deeply disturbing that the 1992 bonuses are more than twice as much as the previous year's," Rep. Stephen Neal, D-N.C., said in a statement. "Surely the quality of the work of these RTC executives has not increased that much."

Neal, chairman of the House Banking subcommittee on financial institutions, had requested the bonus information from the RTC.

"We feel that these bonuses were justified. ... Other government agencies give bonuses," RTC spokeswoman Felisa Neuringer said Wednesday. Noting that the RTC is temporary, she said the bonuses are designed to "highly motivate people .

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