Executive Pay Crackdown: Bad for Business

By Brian Jump

When President Obama became president he obtained quite a few negative
issues as far as our economy is concerned and it hasn't been an easy task to
get everything returned back to normalcy. Many issues are still happening
which are making a lot of people blame Obama for his actions but the truth
is, is that things are always going to get worse before they can get better.
However, how worse must they get before they get better? And are we shooting
ourselves in the foot trying to rush "getting better?"
On Thursday October 22nd, Special Master of Compensation Kenneth Feinberg
released a report that referred to the many pay cuts in which would be going
out for seven companies that has received the most government assistance
since the recession hit its worst. Basically the top twenty-five employees
at each company will have their pay cut in half. Some cuts are so extreme
that they are leaving a few without a salary at all this year such as Ken
Lewis, the CEO of Bank of America who had requested $11 million this year.
These companies that are taking the cuts are Citigroup, General Motors, the
insurance company AIG, GMAC, Chrysler Financial and Bank of America.
Feinberg was quoted by Time saying, "This is the first step our government
has taken in trying to transition from principles of compensation to actual
dollars to be paid to these executives." Once these cuts have taken place it
will drastically change the amount of money the executives are taken home.
Eight of Bank of America's 12-top executives will get no more than $5
million each in 2009. This amount however may not be paid out all this year.
Two of the twelve executives will get $9 million while some executives at
Citigroup will get more than $5 million each.
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