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 government managing private business is facism. We fought a war, lost thousands of young men (including one of my cousins) to repudiate this evil. Yet, here we are acquiescing to government control of private enterprise.
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.
Labels: Criminals in Power
¶ posted by Hobie 8:00 AM
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