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.
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.