This isn’t surprising, infuriating yes, but it shouldn’t come as a surprise that GE was somehow overlooked by Obama’s Pay Czar.
Yid with Lid has the scoop:
This week Kenneth R. Feinberg, popularly known as the White House Pay CZAR, announced his plan to cut the pay for the top 25 earners at seven companies that received federal government help. On average cut total these executives had their compensation cut by about 50 percent. The companies are Citigroup, Bank of America, American International Group, General Motors, Chrysler and the financing arms of the two automakers.
One company was mysteriously missing from the list, General Electric. GE has been regularly protected from the TARP rules. By taking advantage of its ownership of two tiny banks in Utah, GE was able to issue $80 Billion dollars worth of federally backed loans about one out of every four dollars available in the federal loan guarantee program.
And true to being a friend of the President, General Electric didn’t have to go through any of the burdens other participants had to go through like the financial stress test. And now it seems they wont have to worry about any those pesky salary/compensation limits so Jeffrey Immelt and the senior management don’t have to worry about the 14-18 Million in annual compensation they get with help from Uncle Sam.
As reported by the Washington Post back in June, GE was the number one recipient of the TARP guaranteed loan program, and got many favors from the Obama Government along the way.
Are we supposed to get used to the fact that today, under the guidance of Dear Leader, some people are more equal than others?
Speaking of G.E., it seeems strange that they are never mentioned in these “crackdowns” on companies trading with Iran, when G.E. is probably the worst offender in breaking these laws.
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