Should the FED be setting salaries for corporations?
The short answer is I’m not sure. For me, it depends on several things about which I am completely ignorant. Nevertheless, I have an opinion or two. Where does the FED derive it’s authority to set salaries? If the authority derives from agreements (made at the time the FED loaned money to them) with the corporations, then yes they have the authority. If the corporations | Read More »
Feinberg Claws Back
In yet another stunning economic folly, the Obama Administration has chosen to “claw back” the salaries of the top 25 executives at seven firms that received TARP funds last fall. In addition, the Treasury Department’s Kenneth Feinberg announced he would force American Insurance Group to restructure and reduce the $198 million contractual compensation packages at its financial products division. In contrast to previous years, an | Read More »
Pay Czar Feinberg Revokes the Constitution
From the diaries by Erick. H/T to Michelle Malkin. Reuters is reporting that Kenneth Feinberg, the Obama Adminstrations “Pay Czar” will be reviewing compensation contracts for company officials and may “claw back” much of what has been or will be paid. Particularly concerning is this, from the second page of the article: Feinberg said the law requires him to take market forces into account, but | Read More »