How dare they? The anger and hatred of bankers and other moneylenders is so great in US society that the government has to act like it is doing something. It is curbing CEO salaries and compensation. This is true, the millionaires in Washington are putting some limits on salaries and compensation that some thugs receive, these are the thugs that run companies that are receiving taxpayer's money.
The curbs are very "intrusive" says the Wall Street Journal. Kenneth Feinberg, Obama's "Pay Czar", will be issuing his determination on compensation packages for "the most highly compensated executives and employees at the seven firms he oversees.", says the WSJ. These firm, all recipients of taxpayer money include AIG, Bank of America, Citigroup, GM and Chrysler. *
Workers should remember that Chrysler was bought out by the private equity firm, Cerberus, that has among its esteemed bosses the imbecile Dan Quayle.
It's not clear exactly how all this will work but firms receiving bailout funds cannot pay "cash bonuses" which can only be limited to one third of total compensation.
The aim is to divert much of the CEO folks pay to stock. Robert Benmosche, the CEO of the new publicly bailed out AIG, will suffer terribly. His salary will be "broken in to two pieces" says the WSJ. He will receive $3 million a year cash salary and $4 million a year in AIG stock that "cannot be touched for five years."
"Cannot be touched for five years."
My god! The horror of it all. What is this country coming to?
* WSJ 10-06-09
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