More Smoke And Mirrors From The Obama Adminstration – Executive Compensation – What’s Up Now!

From The Obama Administration Just Days Ago:

All Bow to the Pay Czar

Fri Jun 5, 2009 1:08pm EDT

Masters of the universe, prepare to meet your special master. The Wall Street Journal reports that Obama has decided to appoint a pay czar to regulate executive compensation at federally bailed out companies. The appointment of Kenneth Feinberg as the “special master for compensation” is expected to happen next week. The official announcement should coincide with the release of executive compensation guidelines for firms that have received TARP money. According to the Journal, Feinberg will help these companies to understand the rules of paying their executives, as well discipline those who screw up. In other words, he should act like a strict teacher or a police man. But, in order to make his job sound a lot more intimidating than those commonplace occupations, he shall be called a master, a special one at that. Or, for short, the pay czar (which does not have the same zing as the “car czar” but still sounds pretty cool.)

Today The Obama Adminstration Announces –

Geithner: No caps on pay for corporate executives

Geithner says administration will not seek to cap compensation of corporate executives

WASHINGTON (AP) — Treasury Secretary Timothy Geithner says the Obama administration doesn’t want to place caps on executives’ pay.

Geithner said the shareholder measures, as well as legislation to keep corporate compensation committees independent from boards of directors, will reinforce pay guidelines that the administration released Wednesday. Those principles encourage corporate boards to adopt pay packages that reward long-term performance rather than short-term gains.

With the economy spinning out of control, millions out of work and homeless …. the best you can do is this double talk …….

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