there is not a lot of people, only two companies at this point, general motors and gmac which is now allied. day in and see if that pay is appropriate. appropriate it is based on what they were paid before the bail out. is it appropriate for a taxpayer bailout company? is that appropriate? why are these people getting raises that went from $30,000 to $1 million. one person got one million- dollar race. if a company proposed 18 races, treasury gave 18 races. -- raises. you have to wonder why. is that person getting a $100,000 raised and others are getting more? how is it that their services are so valuable that it is worth that much? what we said to the treasury new pay czar is how you justify this? we got explanations that parroted what the company said. we have -- we have said that they have to dig into this. host: here is a letter from the new tarp pay czar defending the actions of the treasury department. it cites the percentile of what other executives get. is that a fair defense? guest: is only one part. you need to keep them competitive but you don't want to make it so comforta

there is not a lot of people, only two companies at this point, general motors and gmac which is nowied. day in and see if that pay is appropriate. i don't mean it is appropriate based on what they were paid before the bail out. is it appropriate for a taxpayer bailout company? is that appropriate? why are these people getting raises that went from $30,000 to $1 million. one person got one million- dollar race. if a company proposed 18 races, treasury gave 18 races. -- raises. you have to wonder why. is that person getting a $100,000 raised and others are getting more? how is it that their services are so valuable that it is worth that much? what we said to the treasury new pay czar is how you justify this? we got explanations that parroted what the company said. thatve t-- we have said they have to dig into this. host: here is a letter from the new tarp pay czar defending the actions of the treasury department. it cites the percentile of what other executives get. is that a fair defense? guest: is only one part. you need to keep them competitive but you don't want to make it so comf

you have been mentioning general motors and chrysler and gmac, and i know this because i work in the auto industry and i have relatives who work in the auto industry, that cerberus, private equity from out of new york, they owned chrysler before and right after the financial collapse, and owns a 51% of gmac. cerberus is not involved in now, but are you looking at compensation of people who had something to do with cerberus? and the gentleman mentioned something, the other caller, about standard and poor's. the reason cerberus got 51% of gmac, which was the moneymaking part of general motors, their achilles' heel -- general motors gave ford and gm junk- bond status in 2004 and 2005 and it kind of led to the chain of events where servers got a hold of gmac. cerberus was run by people from both the bush administration's, investors in managers. i think you should also be looking at them as well. guest: i think the caller raises an excellent point. these were complicated. when you look at some of the bailout and what came out of it, you have to look at the structure and the owners of stru

also mentioned about standard and poor's and the reason that they got 51% of gmac, the moneymaking part, standard and poor's gave them the junk bond status of around 2,005 and that kind of letter to the chain of events that they got ahold of them and they were run by people from both bush and administration as investors and managers so i think you should also be looking at them as well. thank you. >> guest: i think he raises an excellent point. these were complicated and when you look at the bailout and what can now you have to look at the structure and the ownership structure that happened when the government forces restructuring and as a result of that the new owners come out and they were one of those. as far as compensation, that doesn't fall under the treasury purview it is just the top 25 employees at the top companies themselves by you raise an interesting point and one thing i want to raise and make clear is we are conducting audits, reviews, investigations on anything related to t.a.r.p. and i want to just throw out a hot line of information because what we have is a long in th