As many as 25 executives at seven corporations that received the largest chunks of federal money will see their compensation cut by about half on average, according to the Washington Post. Cash salaries will be cut by about 90 percent compared to last year.This is a vast overreach into the economic sphere that no President has ever dared to go. Yet this President has dared much. He has seized 2 of the three domestic automobile manufacturers and illegally parcelled out huge chunks of stock to his allies in the UAW in contravention of Federal Bankruptcy Statutes. His next bit is to seize control of another 1/6th of the economy by nationalizing the health care industry...when will it end?
The administration's "pay czar," Kenneth R. Feinberg, will also slash some executive perks, including the use of corporate jets, chauffeurs, and country club fee reimbursement.
Friday, October 23, 2009
Mr. Obama has decided that bankers and financial leaders make too much money so his administration will force those banks that idiotically accepted TARP money to cut executive pay by 90%.