The Pay Czar, Kenneth Feinberg – AP
Crossing the headlines on Drudge: CNBC – U.S. Said to Order Deep Pay Cuts at Bailed-Out Companies
Key Excerpt:
Responding to the growing furor over the paychecks of executives at companies that received billions of dollars in the government’s financial rescue, the Obama administration will order the companies that received the most aid to deeply slash the compensation to their highest paid executives, an official involved in the decision said on Wednesday.
Under the plan, which will be announced in the next few days by the Treasury Department, the seven companies that received the most assistance will have to cut the annual salaries of their 25 best-paid executives by an average of about 90 percent from last year. Their total compensation — including bonuses and retirement contributions — will drop, on average, by about 50 percent. The companies are Citigroup, Bank of America, American International Group, General Motors, Chrysler and the financing arms of the two automakers.
Here we go folks – when you sleep with the devil (re: take bailout money from the government), you get screwed… Look for this to spread to all companies across the nation as the Obama administration steamrolls ahead with their socialization of business and their policies of compensation. The Pay Czar, Kenneth Feinberg, is coming to call and business here in the US will never be the same. This will effectively end competition and therefore capitalism as we know it. Is there no way to stop this folks? The founding fathers are literally rolling over in their graves and the Constitution is being perverted horribly…
That’s a really sad point of view – Capitalism and the free market are not what got us here. Too much government, socialistic policies and an ever-increasing fascistic cadre of political power-brokers are what has brought us here. Corruption and greed thru the government and politicians are the problem and America and her citizens will pay the price for listening to their so-called leaders who blame capitalism and the free-market.
I’m not sure using exaggerated rhetoric will help this debate. Ending capitalism as we know it? No. And well, even if it were ending, it wouldn’t be so bad, considering capitalism is how we got here in the first place. http://www.newsy.com/videos/pay_cuts_for_top_bailed_out_execs
And thus the continued failure of the US economy and government continues. It amazing to watch. Scratch that. It’s scary.
It’s hard not to look at any of this anymore and not think of Fascism. The good thing I think is that American can right the ship still. Just takes citizens being active and observant.