Pay czar orders 15 percent pay cut for bosses at bailed-out firms

[lonestarnot]

http://rawstory.com/2010/03/15-percent-pay-cut-bosses-bailedout-firms/

WASHINGTON -- President Barack Obama's pay czar on Tuesday ordered executive compensation at prominent bailed-out firms to be cut by 15 percent, amid voter anger over Wall Street pay.

Kenneth Feinberg said 119 executives at AIG, Chrysler, Chrysler Financial, General Motors and its troubled former finance arm GMAC would see their cash rewards slashed by a third and their total pay cut by 15 percent versus last year.

All five firms received taxpayer money to stay afloat during the financial crisis, which continues to weigh on US economic recovery.


Sorry if this has already been discussed. It is from yesterday, but I'm liking it today.

[rfranklin]

1. Fifty percent would be more appropriate...

or in many cases, termination.

[lonestarnot]

2. Personally, I think every fucking one of them should go! 100% outta there. JMFsJ!

[Javaman]

3. Oh thank god!!! Instead of them making Brazillion dollars a year...

they will make a Gazillion dollars a year!
That's really going to hurt them!!!

sigh.

[lonestarnot]

4. :)

At least there is recognition rather than a pat on the back.

[Javaman]

5. I would prefer a kick in the pants, but I guess it's something.