GMAC doubles its CEO’s compensation to $11.62 million in 2008

Warning: This may anger some of you that don’t support the automotive industry bailout. According to Reuters, auto financier GMAC awarded its CEO Alvaro de Molina $11.62 million of compensation in 2008. GMAC received $6 billion in federal bailout in December.

The $11.62 compensation doubles de Molina’s compensation in 2007. He received a $1.2 million salary, $5.81 million in stock awards and $4.8 million in “other” compensation. Molina’s compensation in 2007 was $4.93 million, reports Automotive News.

GMAC has reported operating losses in recent quarters in its auto and mortgage units. The company received a bank holding company status which allows it to get lower-cost funding. Molina’s compensation was detailed in a summary filed with the U.S. Securities and Exchange Commission.