What a Pay Czar Means
By dipinion on Jun 6, 2009 in Banks, Congress, Constitution, Czar, Economy, Government, Mortgage, Obama, Politics, Socialism, Spending, Treasury, democrats
My Question is how long does this actually take?
Pay Czar = To oversee salaries at rescued companies The Obama administration plans to appoint a “Special Master for Compensation” to ensure that companies receiving federal bailout funds are abiding by executive-pay guidelines, according to people familiar with the matter. The administration is expected to release executive-compensation guidelines for firms receiving aid from the $700 billion Troubled Asset Relief Program. Those companies, which include banks, insurers and auto makers, are subject to a host of compensation restrictions imposed by the Bush and Obama administrations and by Congress. OHB is requiring that additional pay be in the form of restricted stock, vesting only after the company repays its debt, with interest, to the government. . As part of that effort, lawmakers barred those firms from paying top earners bonuses that equal more than a third of their total compensation. For instance, the Federal Reserve is considering rules that would curb banks’ ability to pay employees in a way that would threaten the “safety and soundness” of the bank. .
President Ford warned us,
“that a govt that had the ability to give us everything
also had the ability to take away everything.”
Is this still America?
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