US pay tsar cuts rewards for bosses at bailed-out firms

[Blue Tile Spook]

I haven't seen this in the US media yet.

US President Barack Obama's pay tsar has told executives at five bailed-out firms, including AIG, GM and Chrysler, to take a pay cut.
Kenneth Feinberg has ordered the 2010 pay of almost 120 bosses at the firms to be shaved by an average of 15%.

BBC News - US pay tsar cuts rewards for bosses at bailed-out firms

 

[BloodEclipse]

I saw a blurb on Fox News tonight. They also said something about taking more money away from companies that have already paid back the loans.

Although Feinberg only has jurisdiction over these five companies, the pay czar is set to send a letter to all 419 firms that received money from the $700 billion Troubled Asset Relief Program (TARP). In the letter Feinberg is expected to request compensation data for the top 25 executives at these firms during the end-of-2008 bonus season. The goal is to examine pay packages for employees at these 419 firms who earned over $500,000.
While Feinberg has no power to set pay at these 419 companies, he could expose companies for paying out lavish sums of money as the firms took taxpayer aid in the wake of the financial meltdown. The "name and shame" strategy could ultimately result in firms returning bonuses or salaries.
"Do not underestimate the bully pulpit. The bully pulpit has worked well, I think, so far in what I'm doing," Feinberg said.
As required by the 2009 stimulus package, Feinberg will try to negotiate "appropriate reimbursements" to taxpayers if the payments are deemed "inconsistent with the public interest," he said.

If the loans are already paid wtf is this about?

 

[Blue Tile Spook]

The more I think I know, the more I find out I don't know. And those "claw backs" will go into the General Fund of the Treasury, right?

 

[BloodEclipse]

It sounds like theft to me.

We will publicly humiliate you, unless you pay us money, we have no right to.

What has become of my Country?

 

[Blue Tile Spook]

It sounds like theft to me.

We will publicly humiliate you, unless you pay us money, we have no right to.

What has become of my Country?

Her beautiful silken slip has been lifted and we have been greeted with the sight of her spindly, gnarled legs.

 

[5.56'aholic]

since when does the government have a right to dictate pay? Sounds communist to me.......oh wait, thats right we elected obama