Originally posted by SaraThustra
The Pay Czar will have the job of deciding how much certain people should be paid.
This is so that the bailout money we gave to these companies doesn't just go and fatten the bank accounts of their top CEO's and other employees
with huge bonuses in the millions of dollars!
Don't you remember the
OUTRAGE from the American people and the media once it was learned that these companies that were bailed out
were using the bailout money to pay multi-million dollar bonuses, vactions, and other such things?
Goldman Sachs Ready to Hand Out £7bn Salary and Bonus Package... After its £6bn Bail-But
$50 Billion of Bailout Going
to Employee Bonuses
A.I.G. Planning Huge Bonuses After $170 Billion Bailout
Wall Street: Taking Bailouts, Giving Bonuses?
America Discovers That Bailout Will Be Used To Pay Wall Street
Bonuses
Wall Street Bonuses Draw Scrutiny in Bailout's
Wake
Bonuses are 10% of Bailout
Wall Street Banks in $70bn Staff Payout
Isn't this what the majority of Americans wanted once we found out that
A LOT of the bailout money these companies received was being used for
bonuses, the government to step in and STOP it?
Oh, how soon ye forget!
That money was suppose to be used to help their company stay afloat, to help the US people and the US economy, not to be given away to a few of
"their chosen" in bonuses!
But, will this really work?
How long will it take before this "CZAR" is in the pockets of these "bailed out" companies and they just continue to pat themselves on each others
backs and give each other multi-million dollar bonuses?
And just in case some people didn't read the article, his title won't be the "Pay Czar", ...
Meet Your Compensation Cop: Kenneth Feinberg
But anyway, yes: Kenneth Feinberg is the man the White House intends to name "Special Master for Compensation," as early as next week,
in order to "ensure that companies receiving federal bailout funds are abiding by executive-pay guidelines, according to people
familiar with the matter." Apparently a major factor in creating the gig was that no firms know what they are or aren't allowed to pay their
employees.
Their already have been guidelines that companies that received bailout money had to follow, this new position has been made, it seems to me, to help
these companies understand these guidelines and to ensure these companies are following them!
Obama Reins In Bailout Company's Fat Cats
President Barack Obama on Wednesday imposed a $500,000 cap on senior executive pay for the most distressed financial institutions receiving
taxpayer bailout money and promised new steps to end a system of "executives being rewarded for failure."
Mr. Obama announced the unusual government intervention into corporate America at the White House, with Treasury Secretary Timothy Geithner at his
side. The president said the executive-pay limits are a first step, to be followed by the unveiling next week of a sweeping new framework for spending
what remains of the $700 billion financial industry bailout that Congress created last year.
The pay limit comes amid a national outcry over huge bonuses to executives who head companies that seek taxpayer dollars to remain
afloat.
So this statement isn't exactly true!
Originally posted by SaraThustra
The Pay Czar will have the job of deciding how much certain people should be paid.
As a matter of fact, it's not true at all!
Treasury Announces New Restrictions On Executive Compensation
Today, the Treasury Department is issuing a new set of guidelines on executive pay for financial institutions that are receiving government
assistance to address our current financial crisis. These measures are designed to ensure that public funds are directed only toward the
public interest in strengthening our economy by stabilizing our financial system and not toward inappropriate private gain. The measures
announced today are designed to ensure that the compensation of top executives in the financial community is closely aligned not only with the
interests of shareholders and financial institutions, but with the taxpayers providing assistance to those companies.
The Obama administration and the Treasury Dept. are the ones who decided how much employees should be compensated if their employer has excepted a
bailout from the US government (who works for the US citizens and is entrusted in using their [tax]money wisely!
).
The person that holds this new position cannot decide on his own who will get paid how much, but must follow the guidelines that these companies
received from the Treasury Department!
I think a better title for this new position would be "
Bailout Enforcer" or "
Bailout Guidelines Enforcer" rather than "Pay
Czar"!
Isn't this what the people cried out for?
Some sort of agency/position to watch how these companies are spending this bailout money we gave them?
[edit on 6/5/2009 by Keyhole]
