I really don’t like this guy. I didn’t like him when he was appointed and I like him less now. But … GM and Chrysler begged for the money, they got it, and now … well …
The Obama administration will soon order the nation’s biggest bailed-out companies to drastically cut pay packages for their top executives, according to several reports published Wednesday.
Kenneth Feinberg, who was named the White House’s so-called “pay czar” in June, is expected to demand that the seven largest bailout recipients lower the total compensation for their top 25 highest paid employees by 50%, on average, according to reports in both the New York Times and Wall Street Journal.
For the past two months, Feinberg has been reviewing pay plans at Citigroup (C, Fortune 500), AIG (AIG, Fortune 500), Bank of America (BAC, Fortune 500), General Motors, Chrysler, GMAC and Chrysler Financial in an effort to put these firms in a position to pay back bailout money as soon as possible.
It’s not new.We knew it was coming, and this pay czar is not going away anytime soon.
Interestingly enough, Senator Alexander chimed in on this on Cavuto, reminding people we wouldn’t be debating this if the Democrats had not shot down his idea when the bailout was first proposed.