From Dan Collins at Work in Progress.
According to sources, the salaries of the top 25 highest paid executives of the firms named will be cut an average of 90%, but factoring in bonuses, benefits, and retirement contributions brings that number closer to the overall figure cited. According to one executive who chose to remain anonymous, the compensation restrictions were much worse than anticipated. Still, the executives will still take home salaries that are large by the measure of most Americans. And while the largest package, which will go to a Bank of America employee and come to a little over 9 million dollars, overall the pay czar’s ruling is sure to provide fodder to the administrations critics; not only for the restrictions themselves, but for the disproportionate way they are being applied.
Guess at the percentage of these executive bonuses that wind up in places that would be Really Politically Embarrassing if the truth were known.
Posted by: smitty | Thursday, October 22, 2009 at 06:53 PM
Did anyone that donated to BO a couple nights ago get their pay restricted?
Why is GE exempt? They shouldn't even be in TARP and are one of biggest freeloaders in the country.
Why is GM paying out so much to their execs?
Why are Freddie and Fannie exempt and paying huge salaries to their CFO's and others?
When the government controls something, it is Pay for Play 24/7
Posted by: chris | Thursday, October 22, 2009 at 07:02 PM