Oh, Yes, this is terrible that those greedy executives are getting their pay cuts...You think so?
What is worse is that they have been trying to give this money back and the White House will not take it.
It looks like the mouse took the bait and is now caught in the trap!
If these financial institutions would have known the cost they would have to pay for taking the Governments hand outs they would have never taken it in the first place.
Why does the Government not want to get our Taxpayers dollars back?
Why is the Government with no business degrees in the Business and Fianance Industry in the first place, since none of these Czars have any financial degrees is what we should be asking instead?
Who let these Czars out to make decisions without the Approval of Congress in the First Place?
Who is running this Government really?
As per the Associated Press Article here is some of the article:
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.
The sweeping decision, though, came from Feinberg and not from President Obama.
One official told Fox News that Feinberg from the start had the independent authority to work with companies and make such a call. Obama was never required to sign off before final decisions were made.
On Thursday, the chairwoman of the panel that oversees the $700 billion federal bailout fund said the Obama administration is serious about the new plan. In an interview, Elizabeth Warren said reports of pending slashes in executive salaries are "real."
"It's real in the sense that it says, 'Guys, you have to understand that you can't party on like it's 2007. If you're going to take taxpayer dollars, then the game has to change. In that sense it's real,'" she said on CBS' "The Early Show."
The seven affected companies are: Bank of America, American International Group, Citigroup, General Motors, GMAC, Chrysler and Chrysler Financial.
Smaller companies and those that have repaid the bailout money, including Goldman Sachs Group Inc. and JPMorgan Chase & Co., are not affected.
Under the plan, at the financial products division of AIG, the giant insurance company which has received taxpayer assistance valued at more than $180 billion, no top executive will receive more than $200,000 in total compensation, one person familiar with Feinberg's plan said.
The administration also will warn AIG that it must fulfill a commitment to significantly reduce the $198 million in bonuses promised to employees in its financial services division, the arm of the company whose risky trades caused its downfall.
The pay restrictions for all seven companies will require any executive seeking more than $25,000 in special benefits -- things such as country club memberships, private planes and company cars -- to get permission for those perks from the government.
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