Pay Czar Feinberg to Slash Executive Pay

FOXNews.com
Thursday, October 22, 2009

"White House pay czar Kenneth Feinberg was the driving force behind the move to order steep pay cuts from bailed-out executives, and did not even seek the president's approval before making his decision.

The Treasury Department is expected to formally announce in the next few days a plan to slash annual salaries by about 90 percent from last year for the 25 highest-paid executives at the seven companies that received the most from the Wall Street bailout. Total compensation for the top executives at the firms would decline, on average, by about 50 percent."

This is what they want to do.
Is it constitutional?

This idea should not be allowed to fly. Its wrong. Kenneth Feinberg has no legal authority to do this.
Those concerned must challenge the government in this matter.

You and your pay could be next.

The government may have the right to levy and collect taxes, including income taxes.
But it does not have the right to decide or regulate how much compensation someone should make.

This is what is scary.

"But now, in a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the "Pay for Performance Act of 2009," would impose government controls on the pay of all employees -- not just top executives -- of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies.

The purpose of the legislation is to "prohibit unreasonable and excessive compensation and compensation not based on performance standards," according to the bill's language. That includes regular pay, bonuses -- everything -- paid to employees of companies in whom the government has a capital stake, including those that have received funds through the Troubled Assets Relief Program, or TARP, as well as Fannie Mae and Freddie Mac."

Back in March 2009:
Barney Frank has said that if there is too much opposition to government control of executive pay and bonuses, the government can always tax the excesses. Ways and Means Chairman Charles Rangel also has ideas on how to control pay as an excess tax.

The government is deciding what happens to you, what you can earn, what bonus you can receive. The feds have no right to decide such things.

So we are going to change the rules of the game, so the government will be sure no one will be on the same page or really understand what is going on.

To control, manipulate, instill fear and anxiety is what happens in Venezuela and Zimbabwe. This is not the function of government. Is that where this is going?

Where we need regulation we do not get regulation, where we need less regulation, we get more. Its very clear, the President, his staff, his czars, and the White House, are control freaks. This also applies to the House and the Senate as well.

What has happened to our country?