Thursday, October 22, 2009

Finally a pay cut for bailed out banks

A long time coming, but the US pay czar (Ken Feinberg) will cut the salaries of 175 employees at firms receiving large bail out funds. Ken Lewis for BaofAmercia will receive no salary for 2009. At Citigroup, management is telling their employee's it doesn't matter now as his company will be giving out longer term stock grants. At AIG, the pay czar has said, no employee will make over 200,000.00 for 2009.

It's about time they did this and as much as I think the government should be out of our lives, these institutions that took our tax dollars have flaunted huge pay raises and bonuses, while the country is still in the depths of high unemployment and credit freezes, had to step in.