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Pay czar orders 15 percent pay cut for bosses at bailed-out firms

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posted on Mar, 24 2010 @ 12:25 AM
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Pay czar orders 15 percent pay cut for bosses at bailed-out firms


rawstory.com

Obama's pay czar on Tuesday ordered executive compensation at prominent bailed-out firms to be cut by 15 percent, amid voter anger over Wall Street pay.

Kenneth Feinberg said 119 executives at AIG, Chrysler, Chrysler Financial, General Motors and its troubled former finance arm GMAC would see their cash rewards slashed by a third and their total pay cut by 15 percent versus last year.



(visit the link for the full news article)




posted on Mar, 24 2010 @ 12:25 AM
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Feinberg also sent a letter to more than 400 firms who got government bailouts before February 2009, asking them to disclose details of the top 25 executives receiving annual pay of more than 500,000 dollars.

It marks the first time the government will look into pay at a broad swath of firms that took government bailout funds.

But the list contains some familiar names from the financial crisis including; American Express, AIG, Bank of America, Chrysler, Morgan Stanley, Citigroup, General Motors, JP Morgan Chase, the Bank of New York Mellon and Wells Fargo.


Is this good, or bad?

I am split on the issue. On one hand, I hate what these greedy bastards did to destroy our economy, and want to make them pay. The question is pay who? More money for bigger government? Oh, I forgot...The new hidden taxes in the healthcare bill are STILL not enough to cover the insane spending, so they are rounding up more wherever they can.

On the other hand, I don't agree with the principle that government should put its grubby hands in private business. In this case however, maybe government should have a hand when the management of big business like this commits the crime of Epic Fail, affecting each and every one of us.

Tough call.

And then there is the:


Critics say the pay limits at bailed-out firms stop them from attracting top talent.


Top talent? Oh, you mean the top talent who got us into this mess in the first place?

Yeah, I suppose it would be too much to ask to manage the talent you have creatively, so that you don't need our fricken money to bail you out next time. Grrrr. Makes me sick.

rawstory.com
(visit the link for the full news article)



posted on Mar, 24 2010 @ 01:01 AM
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reply to post by TrueAmerican
 


My own view is that the situation from the bail outs to limiting the pay and bonuses to executives who took bailout money is just so wrong on so many levels . Normally I would have no problem with the notion of that you take government money you accepted the governments conditions . What concerns is not that some fat cat would have to take a pay cut , but that things would only be a couple of steps away from the US government limiting the pay of those who don't donate to a certain political party .



posted on Mar, 24 2010 @ 01:05 AM
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The 'Czars' have no authority under the Constitution. At best, they can act as advisers, but cannot bark out orders.

A request to provide information on, what is essentially a public corporation at this point may be valid. However, dictating operations is a no-go. Well, maybe not in Soviet America.



posted on Mar, 24 2010 @ 01:31 AM
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reply to post by TrueAmerican
 


It's just tokenism - 15% less of a bucket load of cash is still a bucket load of cash. When you have ex-Goldman Sachs executives running your government and giving financial advice to your President, tokenism is all that will ever happen in relation to accountability for the thieves on Wall Street.



posted on Mar, 24 2010 @ 01:32 AM
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What is 15% of a multi million dollar salary these days???


What they take out of the salaries of each of these leeches could run a hospital wing...

Do you think your gonna find them hanging themselves from the rafters because they've lost a few hundred thousand each???

You wanna hurt em bad...then put a fixed level income on all jobs.
Make it so nobody can earn more than half a million a year and pay the taxes that correspond.



posted on Mar, 24 2010 @ 01:34 AM
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Next will come just the outright ripping up of contracts.

But this is what happens with the populace becomes obsessed and # like this starts to come to the scene. In reality this is a function of angry taxpayers which sets a pretty scary precedent IMO.



posted on Mar, 24 2010 @ 01:41 AM
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All the progressives who think this is great think about it this way were do you draw the line and who draws it. This is the opposite of freedom and the government gave them money just so they could control more. This and the health care and everything else in the last 10 years is about control. Why do they need so much? Kinda makes you wonder who is running the show.



posted on Mar, 24 2010 @ 02:15 AM
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Well considering that we are now upon the first time that the United States of America is forcefully making private citizens enter into a contract that they possibly do not want.....is anything really not possible?



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