Here a czar, there a czar, and now they have the power? The power to what? The power from whom? Under what Constitutional section?
I just don't understand how a czar appointed by Obama can appear to do just what he pleases with no oversight by anyone-- including the President.
This story clearly demonstrates how bizarre our land of the free has become.....
Unbelievable! Pay Czar cut executives’ compensation without White House approval
From Fox News:
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.....http://politicalintegritynow.com/2009/10/unbelievable-pay-czar-cut-executives-without-white-house-approval/
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Part of the bailout agreements' oversight provisions gives the President (through an appointee) the ability to limit executive salaries. This is meant to keep a company from taking taxpayer money and then hiking up the salaries and bonuses of its executives while they're essentially on corporate welfare. The reason those salaries are being cut to half of what they were last year is partly because they hiked their bonuses earlier this year before the czar was appointed. This is looking out for taxpayer dollars. You'd be far more outraged if these companies funneled taxpayer money to the pockets of their executives. Kenneth Feinberg, the Special Master for Compensation ("Pay Czar"), held an equivalent position under Bush as Special Master 9/11 Victim Compensation Fund.
BTW, most of these "czars" (a term the administration has never used except in reference to the long-standing Drug Czar post) are subject to Senate confirmation, the rest are the type of Presidential adviser that every since Nixon has had.
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