Average compensation expected to be cut in half for top executives
WASHINGTON - The Treasury Department on Thursday ordered seven companies that received billions of dollars in government bailouts to halve total compensation for their top executives. But the big reductions will not apply to pay earned before November.
Kenneth Feinberg, the Treasury official leading the pay review, told reporters that average salaries for the top 25 executives are being cut 90 percent starting next month.
The action will apply to the top executives at Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial.
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13 comments:
He has morphed into a dictator right before our eyes.
Who in the hell made him the dictator that dictates salaries to private companies?
And before you lefties try to say that this only applies to those companies that received government money, try again they are targeting way beyond that.
You have elected away your rights and freedoms.
Obama should be charged with treason! He is NOT defending the constitution like he took an oath to do.
However GE, who received 140 BILLION in taxpayer bailout money is "exempted" from the CEO pay cut. Keith Olbermann makes SEVEN MILLION DOLLARS a year. If the Obama formula was applied to him he'd be cut to 350,000 a year. Oh yeah, GE owns MSNBC. Now I get it!!
At half the compensation for 1 year, It would still be enough money for me and the kids for the rest of our natural lives to live well.
Some things are just sick.....
And these are the companies "too big to fail"?????
There is no such thing as excessive pay in a free market, as long as it is earned. Businesses that agree to take the crooked government as a partner are no different than the husband doin the corner whore: be ready to deal with whatever disease ya wake up with. Again, there is NO SUCH THING as excessive pay in a free market.
So does political corruption, but it just keeps rolling along.
Once we gave these corps our money, they stopped being "free market" until the debt is paid back. Once they pay us back, they can waist their profits anyway they want. People were beside them selves when we helped with a bailout and now they are whining because the President is cutting their costs. My own business faced tougtimes this year and guess what...My salary did not increase until I showed a profit. That is business.
Socialist society is here now. It's too late ladies and gents.
When will he go after the professors so the outrageous cost of college will come down? When will he go after the head of the post office so they can make a profit? When will he go after the pay for senators since they already make three times the average salary? When will he go after you?
Funny how Republicans complain when CEOs make too much.
Now they complain where their salaries get cut.
Never happy.
This is only being done to companies that still owe US money. I have no problem with the government saying "hey you better pay us back before you go paying a guy $30MM." Once the tax money is no longer being used to keep these companies from going broke... they can make all the money they want in my mind.
When these companies needed a tax payer bailout to survive they lost any ability to argue about their compensation. Why should we pay for failure? What is wrong with you people? If I don't do my job, I loose my job and my paycheck. I have never seen anyone fail and expect to be paid a bonus?
When is Politians salary and benifits going to be cut? They receive Tax Payer money.
FYI, those bonuses are being paid with taxpayer dollars.
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