Green Energy
How does this give anyone incentive to work harder, be better, improve their company?
It starts with the execs now, but when will it start to filter down?
MSNBC:
Automakers, banks slapped with pay limits
Pay czar curbs execs' cash pay to $500,000 at bailed-out firms, companies
WASHINGTON - The Obama administration's pay czar is limiting the cash compensation for executives at companies that received the largest taxpayer bailouts to $500,000 and delaying some other payouts.
The 25th through the 100th top earners at Citigroup, GMAC, American International Group and General Motors must take more than half their compensation in stock, and at least half must be delayed for three or more years, said Kenneth Feinberg, the Treasury Department's Special Master for Executive Compensation.
About 12 executives were granted exemptions to the $500,000 cash cap because they were necessary for the companies to "thrive, be able to compete, and not lose key people," he said Friday.
The new rules will only apply to the second half of December, and will not affect what the employees already have been paid this year.
The rules will affect many workers' year-end bonuses and stock grants, Feinberg said. They also will serve as a starting point for negotiations next year over pay packages for 2010.
Feinberg already announced specific pay packages for the top 25 earners at firms he oversees.
Feinberg's rulings don't apply to Bank of America because its bailouts were repaid this week. Chrysler and Chrysler Financial also were exempt because executives there made less than $500,000.
- Czarist America - Democratic Senator Robert Byrd Criticizes Obama For Power-grab
From Front Page Magazine: How do you know when a Democratic president has gone too far in appointing czars? When Robert Byrd criticizes him for it. In an historic and possibly unconstitutional expansion of Executive authority, President Obama has named...
- Obama Wants To Dictate Compensation At All Financial Institutions
This is one of the most horrific stories yet to come out of the Obama Presidency, and yet, I predict nary a ripple will be noticed in the Mainstream Media. Oh sure, Hugh Hewitt, Victor Davis Hanson, and Rush Limbaugh will complain. Hell, MSNBC may even...
- Barry, At Least Try Something New....it Didn't Work In 1931 Either
WSJ- WASHINGTON -- 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....
- Chrysler Financial Refused Government Loan Over Limits On Executive Pay
Guess that didn't work out quite as you'd planned, eh Mr. President? Washington Post: Sources: Chrysler Financial Refused Government Loan Over Limits on Executive Pay By David Cho and Peter Whoriskey Washington Post Staff Writers Monday, April...
- Salary Control: You Knew It Was Coming
Michelle Malkin: Salary control: You knew it was coming By Michelle Malkin • March 31, 2009 10:42 AM This is not a surprise. Grabby Hands Barney Frank has been signaling his salary control plans for weeks. In early February, you’ll recall, he told...
Green Energy
Continuing Our Long Descent Into Socialist Madness
How does this give anyone incentive to work harder, be better, improve their company?
It starts with the execs now, but when will it start to filter down?
MSNBC:
Automakers, banks slapped with pay limits
Pay czar curbs execs' cash pay to $500,000 at bailed-out firms, companies
WASHINGTON - The Obama administration's pay czar is limiting the cash compensation for executives at companies that received the largest taxpayer bailouts to $500,000 and delaying some other payouts.
The 25th through the 100th top earners at Citigroup, GMAC, American International Group and General Motors must take more than half their compensation in stock, and at least half must be delayed for three or more years, said Kenneth Feinberg, the Treasury Department's Special Master for Executive Compensation.
About 12 executives were granted exemptions to the $500,000 cash cap because they were necessary for the companies to "thrive, be able to compete, and not lose key people," he said Friday.
The new rules will only apply to the second half of December, and will not affect what the employees already have been paid this year.
The rules will affect many workers' year-end bonuses and stock grants, Feinberg said. They also will serve as a starting point for negotiations next year over pay packages for 2010.
Feinberg already announced specific pay packages for the top 25 earners at firms he oversees.
Feinberg's rulings don't apply to Bank of America because its bailouts were repaid this week. Chrysler and Chrysler Financial also were exempt because executives there made less than $500,000.
- Czarist America - Democratic Senator Robert Byrd Criticizes Obama For Power-grab
From Front Page Magazine: How do you know when a Democratic president has gone too far in appointing czars? When Robert Byrd criticizes him for it. In an historic and possibly unconstitutional expansion of Executive authority, President Obama has named...
- Obama Wants To Dictate Compensation At All Financial Institutions
This is one of the most horrific stories yet to come out of the Obama Presidency, and yet, I predict nary a ripple will be noticed in the Mainstream Media. Oh sure, Hugh Hewitt, Victor Davis Hanson, and Rush Limbaugh will complain. Hell, MSNBC may even...
- Barry, At Least Try Something New....it Didn't Work In 1931 Either
WSJ- WASHINGTON -- 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....
- Chrysler Financial Refused Government Loan Over Limits On Executive Pay
Guess that didn't work out quite as you'd planned, eh Mr. President? Washington Post: Sources: Chrysler Financial Refused Government Loan Over Limits on Executive Pay By David Cho and Peter Whoriskey Washington Post Staff Writers Monday, April...
- Salary Control: You Knew It Was Coming
Michelle Malkin: Salary control: You knew it was coming By Michelle Malkin • March 31, 2009 10:42 AM This is not a surprise. Grabby Hands Barney Frank has been signaling his salary control plans for weeks. In early February, you’ll recall, he told...