Pay Czar Feinberg, Not Obama, Behind Decision to Slash Executive Pay? By what Constitutional authority?
I bolded a section of the quote below. By what authority does an unelected, unvetted, and non-Constitutionally authorized “czar” get to decide what private companies do?
I don’t care if they were stupid enough to take the “bailout” money, but where does this guy get the authority to decide this? Come to think of it, where in the Constitution does it say that the President could even set salaries at a private company?
This president is a Chavez wanna-be and needs to be stopped ASAP.
White House pay czar Kenneth Feinberg was the driving force behind the move to order steep pay cuts from bailed-out executives, and did not even seek the president’s approval before making his decision.
The Treasury Department is expected to formally announce in the next few days a plan to slash annual salaries by about 90 percent from last year for the 25 highest-paid executives at the seven companies that received the most from the Wall Street bailout. Total compensation for the top executives at the firms would decline, on average, by about 50 percent.
The sweeping decision, though, came from Feinberg and not from President Obama.
One official told Fox News that Feinberg from the start had the independent authority to work with companies and make such a call. Obama was never required to sign off before final decisions were made.
Pay Czar Feinberg, Not Obama, Behind Decision to Slash Executive Pay – Political News – FOXNews.com
