Pay Czar: 17 Bailed-Out Banks Overpaid Executives

Mr. Obama was the one who appointed these boneheads to do the job that he couldn’t or wouldn’t do because it interfered with his golf game or vacation or whatever it is that he does besides reading speeches from his teleprompter. These Czars did not get the approval of Congress or the people, they are not elected officals. They are part of the Obama Goon Squad. So, this is Obama’s fault. Plain and Simple. Seems to me that Barry should have to pay back this money. Hey Barry, maybe you and John Kerry could share a ride to the bank together. One more thing, don’t try blaming Bush for this one.

1 Dragon

NewsMax

The Treasury Department’s pay czar said Friday that 17 banks gave their top executives $1.6 billion in lavish payments while they were receiving billions of dollars in taxpayer-funded bailouts.

Kenneth Feinberg said he did not have the authority to ask the firms to repay the money that was handed out during the financial crisis. But he said they should develop new rules on compensation that would allow them to slash compensation payments in future crises.

“If the company’s board of directors has identified that the firm is in a crisis situation, the compensation committee would have the authority to restructure, reduce or cancel pending payments to executives,” according to a fact sheet Feinberg released.

Feinberg reviewed 419 companies that received bailout money before pay curbs were enacted by Congress in February 2009.

The review covered the period from October 2008 to February 2009. The starting point was when banks began receiving bailout money from the $700 billion Troubled Asset Relief Program. The ending point was when Congress enacted pay curbs on institutions receiving government support.

He determined that a total of $1.7 billion in payments were made during that period that would have violated the guidelines adopted later. And $1.6 billion of that amount was paid out by 17 of the country’s largest financial institutions.

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