Pay Czar and Opinionated Democrats

Deborah Soloman of the Wall St. Journal writes:
The U.S. pay czar will slash compensation for the 25 highest-paid employees at seven firms receiving large sums of government aid and demand a host of corporate-governance changes at those firms, according to people familiar with the matter. Kenneth Feinberg, the Treasury Department's special master for compensation, will lower total compensation for 175 employees by an average of 50%, these people said. As expected, the biggest cut will be to salaries, which will drop 90% on average. But while the overall levels will fall, some executives will still walk away with large paychecks. For instance, several Bank of America Corp. employees will still receive compensation totaling millions of dollars. At the same time, Mr. Feinberg will demand a series of corporate-governance changes at the firms, including splitting the positions of chairman and chief executive officer; requiring boards of directors to create a committee to assess risk, and eliminating staggered boards.

Some of the toughest pay restrictions will come at the financial-products unit of American International Group Inc., which has been blamed for the firm's near-collapse. No employee within that unit will receive compensation of more than $200,000, people familiar with the matter said.

The companies under Mr. Feinberg's authority are AIG, Bank of America, Citigroup, General Motors Co., GMAC Inc., Chrysler Group LLC and Chrysler Financial.

For several weeks, Mr. Geithner himself was making decisions such as whether a certain employee could collect a pension payment.

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The White House has attempted to further prevent Fox News' access to the White House by declaring that of the five networks who actually pay for press conferences, only four of them were to be allowed to interview Executive Pay Czar Ken Feinberg. Fox News was prohibited. In a move to make all America proud, and also to keep themselves from being Obama's next target, the other four networks said that either all five networks would have the interview, or there would be no interview! The White House caved....

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"Democrats are an opinionated bunch. You know, the other side, they just kinda sometimes do what they're told. Democrats, y'all thinkin' for yourselves." Barack Hussein Obama

I feel personally offended by this, as I, as well as all good Tea Partyers, do think for myself. I was one of the first to write to the snitch line of Obama to turn in a "fishy" statement on the health care bill - Barack Hussein Obama's descriptions of the bill. I haven't heard back from him as yet.

“What we’re going to do is we’re going to be pragmatic instead of ideological. We are going to try to bring people together rather than push them apart. We are going to make sure that we listen to other people’s ideas.”

-Obama

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DON'T WE HAVE A CONSTITUTION THAT WAS WRITTEN TO PREVENT TYRANNY BY OUR GOVERNMENT? This action sets up future controls on all American businesses and boards, already being discussed by some.

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Recent analysis by the nonpartisan Congressional Budget Office clearly demonstrates the incredible fiscal irresponsibility being exhibited by this Congress. According to their studies, the federal government ran a $1.4 trillion deficit through the first 11 months of FY 2009 and the national debt now stands at $11.77 trillion, a $3.1 trillion or 35.8% increase since Democrats took control of Congress in 2007. To get an indication of how dramatically this administration has changed our government’s spending habits; take a look below at the surplus/deficit figures over the period 2001-2010.

*Source: White House Office of Management and Budget (2009-2010 estimated)

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Here's an interesting quote from Ron Bloom, Obama's Car Czar: “Generally speaking we get the joke. We know that the free market is nonsense. We know that the whole point is to game the system, to beat the market, or at least find someone who will pay you a lot of money because they’re convinced that there is a free lunch. We know this is largely about power, that it’s an adults only, no limit game. We kind of agree with Mao that political power comes largely from the barrel of a gun. And we get it that if you want a friend, you should get a dog.”

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The White House has attempted to further prevent Fox News' access to the White House by declaring that of the five networks who actually pay for press conferences, only four of them were to be allowed to interview Executive Pay Czar Ken Feinberg. Fox News was prohibited. In a move to make all America proud, and also to keep themselves from being Obama's next target, the other four networks said that either all five networks would have the interview, or there would be no interview! The White House caved....
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