We’re turning into a nation of czars. The latest is the announcement that President Obama will appoint a pay czar to dictate to companies receiving TARP funds how much they can pay their executives.
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 name Kenneth Feinberg, who oversaw the federal government’s compensation fund for victims of the Sept. 11, 2001, terrorist attacks, to act as a pay czar for the Treasury Department, these people said. …
The government is also pursuing a separate revamping of financial-sector rules that could change industry compensation practices more broadly. 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.
Mr. Feinberg is expected to focus on pay restrictions related to firms receiving TARP bailout funds, helping companies to interpret the rules and ensure that they are being followed.
How long will it be before Mr. Feinberg starts regulating compensation of all financial services companies and not just TARP funds recipients.
It isn’t just Obama appointed czars Americans have to worry about. It’s also self-appointed czars in congress. Barney Frank is the latest. When a GM distribution center in Massachussetts was slated for closure, Mr. Frank gave ole Fritz Henderson a call, and voila! The center will remain open.
As I just heard Stuard Varney say, politics is trumping good business practices.
Copeetileexm ees EVIL Tovareetch. Sure Brangelina and Shaq make more but they’re WORTH it on the free market and 2. we can take or leave their product.
To reduce executive pay fire the CEOs on our own we would have to all live on a commune in Oregon!
I’m an MD and the drug prices and health insurance denials are an outrage!
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Historically speaking, the last time a country had Czars there was a revolution.
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When is Congress gonna realize Obama’s appointment of czars is gaining power over and around them?
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youre not alone. United we stand
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