Comrade Feinberg to slash Executive pay upwards of 90
Here is what happens when you do the two step with the Fed. You get screwed. Comrade Feinberg, aka Obama’s Pay Czar (that’s right, a government official that monitors and caps private organizations pay), will begin socialist task of cutting pay to the top executives of some of America’s largest companies. The magic number: 90%. Hard working executives at companies such as Citigroup, Bank of America, and AIG will have salaries capped at about 90% less than their annual earnings from the previous year. In addition, any bonuses or retirement contributions will be slashed by at least 50%.
This is big government at its finest. We (the fed) put you into this predicament by forcing you to follow our rules (see: community reinvestment act among others), then we blamed you for causing the problems, then we forced you to accept stimulus money, and now we are going to your dictate pay (because you took the money we forced you to accept) and control every decision you might make.
Ladies and Gentlemen, mark my words, this will not stop with only companies that accepted stimulus money, it will creep into every facet of large and small business in America. This is the beginning of a socialist philosophy of economics. Take control of business, take control of consumers (the public).
If Alexander Hamilton could see us now, he would understand the dangers of a strong Fed.