Monday, August 17, 2009

Pay Czar: I Have Major MF Power

Oh what a web is weaved once you start to intervene. The bailouts interventions are now leading to pay interventions. File under out of control, Obama induced, power madness:

Kenneth Feinberg, the Obama administration's pay overseer, said on Sunday he has broad and binding authority over executive compensation at companies that got federal assistance -- including the ability to "claw back" money already paid.

“I have the discretion, conferred upon by Congress, to attempt to recover compensation that has already been paid to executives not only in these companies, but in any company that received federal assistance,” Mr. Feinberg said during his remarks.

Asked by Reuters if he could use that ability to target a firm like Goldman Sachs, which paid back $10 billion in bailout money, Mr. Feinberg said: “Anything is possible under the law.”

No comments:

Post a Comment