Pay Czar to GM … Pay cut – Video

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 (CFortune 500), AIG (AIGFortune 500), Bank of America (BACFortune 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.

3 replies
  1. Anne-EH
    Anne-EH says:

    Well as the saying goes, "when you lie down with dogs, you end up getting fleas." Well since both GM and Chrysler accepted money, they very much forgot that it came with strings attached.

  2. TomTGRWolcott
    TomTGRWolcott says:

    How about if we could cap the pay on our senators and representatives, yea thats right we are the pay Czars for our Goverment officials, I wonder how they would like it!

  3. GaryInSoGlast
    GaryInSoGlast says:

    I am in a very difficult place when it comes to GM and the other companies that sold their souls to the devil.  I never want people to lose jobs or from businesses to fail, but in the case of GM, Chrysler, Citi Group, and so on, I want them to go down for the evil alliance they have made with our government.  Ford is fighting for it's life, GM doesn't deserve life any longer.  It's not fair in any way to have a company backed by the government taking customers from a real company like Ford.  GM, please take your pay cuts and close.  Thank you.

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