06.11.2009 10:46 am
What does the executive-pay czar mean for America’s capitalistic values?
St. Louis Post-Dispatch
Of the several so-called czars appointed by the Obama Administration, the most recent appointee seems to be the most controversial. According to the New York Times, the appointee will have the right to review the compensation for the 100 most highly paid employees of private companies and any other executives.
The Treasury Department on Wednesday appointed a well-known Washington lawyer, Kenneth R. Feinberg, to oversee the compensation of employees at the seven companies — the American International Group, Citigroup, Bank of America, General Motors, Chrysler and the financing arms of the two automakers.
He will have broad discretion to set the salaries and bonuses…
