Pay Czar To Begin Reviewing Pay At 7 Bailed-Out Firms

New York Post:

Six weeks into his tenure as President Obama's compensation czar, Kenneth Feinberg has his sights set on pay packages he thinks are too rich for companies propped up by Uncle Sam

Read the whole story: New York Post

Comments

[britethere]

The best of them all the new Green Czar. Got to check this guy out. Forced Abortions?

[PhilipTaylor]

ISN't it convenient that they waited until JPM and G0LDMAN paid off their TARP to do this?

Of course, G0LDMAN still has the $13 Billion handed under the door through A1G!

[dnpvd51]

CNBC claims that this Citigroup guy that supposedly made 700 million for the company is worth getting a pay check for 100 million.

Paying this guy anything like this would be a complete outrage to the taxpayer. If he did make this kind of money he made the money taking risks, and the whole risk profile of this company was way out of line. Even a chimpanzee choosing stocks by throwing darts at a dart board can make a fortune on the market if the dart board is filled with risky investments.

He should get payed that which he would have made had the government not bailed out Citigroup, which is not much.

[YewNeekId]

Andrew Hall at Citigroup is demanding his $100million bonus.


It's time for the czar to get in butt moving. In the meantime, I have dumped my shares.

[Peter007]

What the government is saying is that the compensation committees on the Board of Directors on these companies don't know what they are doing.
Other companies that didn't receive bailout money have committees that are ok.
It ok for the Yankees to pay their players $250 million. Thats worth it. ( they do play in a publicly financed stadium)
What the government doesn't understand is why the pay is so grand.
It's not to reward the current executives, but to put an incentive out there for future executives that may be looking to make a lot of money.
Its a complicated theory on compensation.
I don't fully understand it.
I would guess that this new czar doesn't understand it either.
Thats something I think these companies need. Someone that doesn't understand how their company works.

[butterfliesblossom]

These Board of Directors are often hand picked by the person making the money, that is the problem.

[Peter007]

Board of directors are picked by the owners of the corporation. Usually the largest shareholders. Those with the most to gain or lose.

[gcallaghan]

The Yankees are a privately owned entity. Didn't you know even that? What they make and what movie stars make has no bearing on an officer at a publicly owned company getting his hand-picked compensation board to line his pockets. Nor did the Yankees use taxpayer money to bail themselves out of a mess of their own making,

[BannedNBoston]

Obama must be a dictator he has 32 CZARS

[viper234]

What is with these "Czars?" Does anyone know what a Czar is? A Czar is a King. So why do we have all these Kings in these presidential administrations? Congress needs to outlaw the appointment of "Kings."

[MyrtleJune]

Pay Czar? What is this Russia?

Let's use our words better people....

I'm available for hire to help with that effort!

[dadw5boys]

TOP TALENT = A RESTRAUNT COOK WHO DOES NOT SPIT IN FOOD !!!!!!

[butterfliesblossom]

What is occuring is not socialism or communism, this is the market demanding that executives limit their greed. History has shown when this is not done and large gaps exist between the elite few and the average this discord will occur.When Obligarchs had reign conflicts and war ensued until things were corrected.

There was an excellent article "A historical tour of populism" by Michael Kazin in Newsweek May 2009. How periods of consumer populism brought about great changes. "Believing both the Democrats and Republicans were complicit with this "money power," the populists launched their own political party in 1892. ....and it threw a terrific scare into the establishment, spurring reforms—like the progressive income tax and an eight-hour day—that forced the wealthy to act more responsibly toward society at large. Again in the 1930s, populist movements challenged elected officials to serve the hardworking majority instead of the "plutocrats.

Also Weston J. Wellington, Vice President of Dimensional Fund Advisors, did in a thoughtful presentation entitled "What Should Investors Do Now?". Wellington used data from the Heritage Foundation to rank countries based on the amount of economic freedom in that country. The results were very interesting. Socialist leaning countries (like Sweden, Norway, Denmark, Spain and France) all outperformed the U.S. for the thirty-eight year period from January 1, 1970 to December 31, 2008.

[americanistheonlyparty1]

keep telling yourself that

[dadw5boys]

At some point in time you will have to stop plying SOCRATES and actually take a position.

Questioning others stands means little if you never take a stand anywhere !

[dadw5boys]

Overpaying Executives only lowers the value of the dollar for working people !!!!!!!

If a working man got paid an incentive for doing a excllent job he would be worth 10 executives who take risk with other people money.

A working man has to carry insurance incase he makes a mistake and does not do the job well. He can be sued by homeowner, car owners, boat owner, and many others if he fails to do his job well.

He seldom even gets a tip for doing a good job. Just ask the person who cooked your meal and did not spit in it if he deserves an incentive pay provision.

[americanistheonlyparty1]

I say cap the congress and senate members first. Maybe at that time, they will start working for the people.

[alfrede]

It is too bad that the market place was not allowed to work.

GM going bust would have flushed out all the excesses (1300 + "executives"?) with a fresh start and clean slate.

If they continue to manufacture autos with the cheapest parts available, they won't last very long in the marketplace.

[JoeSausage]

What's with this Czar thing? Is America aspiring to be Imperialist Russia?

[spinns17]

if its not right for them .do we have to give them a raise .lol