Posted on Wednesday, 21st October 2009 by Bruce

AIG, Bank of America, Citigroup, GM, Chrysler, GMAC… what do they all have in common?

They’ll all soon have the Obama administration slashing the earnings of their top executives by pay czar Kenneth Feinberg, according to a Reuters report.

“Cash payouts,” says Reuters. Interesting. We used to call them salaries.

“The Obama administration plans to order that the top earners at firms which received billions of dollars in government bailouts will see their cash payouts cut by an average of about 90 percent from last year, a source familiar with the matter said on Wednesday.

The sweeping cuts, negotiated by the U.S. pay czar, Kenneth Feinberg, will mark a bold move for an administration that has recently railed against excessively high pay on Wall Street.”

First, they came for big business’ top executives, and I did not speak out, because I was not a top executive.

Then, they came for the professional athletes, and I did not speak out, because I was not a professional athlete.

Then, they came for the airline pilots, and I did not speak out, because I was not an airline pilot.

Then, they came for the social workers, and I did not speak out, because I was not a social worker.

Then, they came for me – and there was no one left to speak for me.

Oh well. Hope and Change.

Posted in Home | Comments (2) |

2 Responses to “Obama administration to slash pay of top bailout recipient execs”



  1. dad29 Says:
    October 21st, 2009 at 8:46 pm

    Umnnnhhhh….

    In fact, if the taxpayers had not provided TARP funds, and if the taxpayers (through the Fed) were not lending these banks reserves at ZERO percent (which they use to purchase US securities at 0.75%-2.75% interest), there would BE none of those banks, nor jobs therein.

    IOW, the bankers made some seriously bad bets; we kept their asses out of the unemployment line.

    And you are unhappy that they don’t get bonuses?

    (Sorta the same with GM/Chrysler)…



  2. MjM Says:
    October 21st, 2009 at 9:22 pm

    Bruce, they’ve been coming for you since your first paycheck.

Leave a Reply

You must be logged in to post a comment.