Posted on 08/08/2009 11:12:59 PM PDT by Nachum
President Obama's compensation czar has been meeting for weeks with executives at some of the country's largest and most troubled companies as they face a Thursday deadline to propose how much they will pay their top employees.
Kenneth R. Feinberg has the unprecedented task of deciding executive compensation at seven companies that received large government bailouts. His meetings with American International Group, Citigroup, Bank of America, General Motors, Chrysler, Chrysler Financial and GMAC have been conducted in secret, with neither Feinberg nor the companies willing to say much in public.
(Excerpt) Read more at washingtonpost.com ...
The list, ping
Pay Czar...
I’ve found these companies’ assertion that they must pay these large bonuses to prevent their best employees from seeking work elsewhere a little unconvincing.
Unless I’m quite confused there aren’t a whole bunch of openings in their field, so where would they go?
Doesn’t anyone remember the last disaster Mr. Feinberg was associated with?
That applies more in up economies than down ones, obviously.
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