Sunday, August 09, 2009

Pay Czar Quietly Meets With Rescued Companies : Deadline to Propose Compensation Looms

The Washington Post reports:
President Obama's compensation czar has been meeting for weeks with executives at some of the country's largest and most troubled companies as they face a Thursday deadline to propose how much they will pay their top employees.

Kenneth R. Feinberg has the unprecedented task of deciding executive compensation at seven companies that received large government bailouts. His meetings with American International Group, Citigroup, Bank of America, General Motors, Chrysler, Chrysler Financial and GMAC have been conducted in secret, with neither Feinberg nor the companies willing to say much in public.
Pay czar, "quietly". Socialism doesn't provide much accountability in government. Here's a gem of a quote from the Post article:
Feinberg, who has sole discretion to set compensation for the top 25 employees of each of those companies, has 60 days to make a determination after the proposals are complete.
You might ask where in the U.S. Constitution does strongman Kenneth R. Feinberg derive these immense powers?