Posted
6/10/2009 09:39:00 PM
by Douglas
I have a big problem with the overuse of the 'Czar' term in American politics, but this is getting a bit absurd:
Compensation Czar. So now the executive branch decides how much money the bailed out companies can make? Somehow, that's worse than the handout in the first place.
The Obama administration’s sweeping new proposal to restrict executive pay is likely to be a humbling exercise for seven of the nation’s largest companies, which have received billions of dollars in federal assistance to survive the economic crisis.
The Treasury Department on Wednesday appointed a well-known Washington lawyer, Kenneth R. Feinberg, to oversee the compensation of employees at the seven companies — the American International Group, Citigroup, Bank of America, General Motors, Chrysler and the financing arms of the two automakers.
He will have broad discretion to set the salaries and bonuses for their five most senior executives and their 20 most highly paid employees.
That's just super. A government bureaucrat meddling in failed companies to determine when executives can take a smoke break and who gets the corner office. I'm sure
this won't breed corruption.