Thursday, October 22, 2009

The Republic Of America

Pay Czar Feinberg, Not Obama, Behind Decision to Slash Executive Pay

White House pay czar Kenneth Feinberg was the driving force behind the move to order steep pay cuts from bailed-out executives, and did not even seek the president's approval before making his decision.

The Treasury Department is expected to formally announce in the next few days a plan to slash annual salaries by about 90 percent from last year for the 25 highest-paid executives at the seven companies that received the most from the Wall Street bailout. Total compensation for the top executives at the firms would decline, on average, by about 50 percent.

The sweeping decision, though, came from Feinberg and not from President Obama.

One official told Fox News that Feinberg from the start had the independent authority to work with companies and make such a call. Obama was never required to sign off before final decisions were made.

Continue reading

Am I the only one who finds this stunning? This is a man who has had no Senate confirmation. We know nothing about his background or his qualifications. We know nothing about the job he is doing, how much he gets paid, what kind of budget his office has. Yet he has the authority to adjust the pay of private companies without any oversight and without talking to the President.

Where the Hell are all of the congressional members that were pissing and moaning about Bush's abuse of power or separation of powers?

We have a President who has effectively set up a shadowy government and no one seems to care.


MK said...

"Where the Hell are all of the congressional members that were pissing and moaning about Bush's abuse of power or separation of powers?"

The hypocrisy is staggering isn't it, i fear though that it's got a way to go before these scumbags are tossed out on their ass.

One more thing, has anyone else noticed how leftists in government enjoy calling for slashing of executive pay, claw-back options and crap like that, yet none of these sniveling cretins has the balls to subject themselves to the same standards.

Wouldn't we all like to see a politician be really held accountable for the crap they peddle as public policy, imagine one of them saying that if they can't cut the crime-rate, they'll hand over their salary as punishment.

cube said...

No way BO didn't approve these sweeping salary cuts. He's just covering his butt via his usual cowardly deniability routine.

I totally agree about Feinberg... we need to set our sights on him next. Get Rush & Beck on the case to do the job journalists should've done.

I don't like exorbitant pay/bonuses for execs who ran their companies into the ground and then took tarp money, but I also don't like the government regulating salaries, especially when it's done by a "shadow" government. Not that the vetting process by the Senate is so great either... look at who got accepted.

Anonymous said...

What congressional members pissing and moaning? Which day did George W. Bush take an oath and testify before a congressional committee, or Cheney for that matter? I agree with cube, and as a democrat I don't like this Czar business. The vetting process also Brown as head of FEMA? Some of Obama's picks who didn't pay taxes? The problem with Rush and Beck is the same as Randi Rhodes, half truths are the standard that they use to infotain.
I'm not on blogger so have to post anonymous but am not a weinie who doesn't leave a name. By the way Chuck, we may disagree but I like your blog. My wife is also a nurse but does long term care and not ER. My grandma did ER and you guys are special.

Brooke said...

The first rule about fight club is that you don't talk about fight club.

NO WAY EVER did BHO not know what was going down. NO WAY.

And let's just say that BHO really didn't know what his unaccountable czar was up to... How SCARY is that?!?

DaBlade said...

I'm with all of these smart folks. The Obamunist wants cover but it won't fly. No ones on that helium baloon either.

Chuck said...

MK, dead on about pay. Also notice they are not shy about taking money from these companies

Cube, just another one for under the bus

Patrick, thanks and thanks for visiting. I don't disagree with a lot of what you say but are you joking about this?

What congressional members pissing and moaning?

This is all the Dems did.

Kudos to your wife and Grandma

Brooke, I am more concerned about the unchecked power than I am about the pay cuts.

DaBlade, agreed.

All, I am out of town for the weekend, going on moderate. Have a good weekend, see you Sunday.

LomaAlta said...

I agree that obama knew this was coming.

I also agree that it is simply awful that a shadow government of cockraches who never stood up in the light and let us see them have so much power, and that there are so many of them.

Down with the Czars!!

dmarks said...

I strongly agree with Obama pressing to cut the pay of the top brass of firms like AIG .... the ones on the public dole.

Not I strongly disagree with him interfering in private economic decisions. The firms that aren't on the public dole, and are really none his business.

Anonymous said...

No chuck I'm not joking,If I thought the Democrats were pissing and moaning where was the oversite? Where were the hearings under oath? Where were the questions on torture? Where were the hearings on wiretapping? I'm a left of center moderate democrat. I support Obama and am for universal health care. I am not a fan of government not following the constitution I don't care who does it.

Chuck said...

Patrick, I'm still confused (or maybe you are?). The Dems did not do much else but hold hearings on Bush the last 2 years of his Presidency. You were in the country then, right?