update on: 'Czardom' Madness '09: The Growing List 8-6-09 "Czardom aka dictatorship is running rampant in the land as self-appointed relatively unknowns assume unaccountable power unto themselves..." (see post, link for 44-czar list)
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U.S. 'Pay Czar' Claims Binding Authority Over Executive Compensation
MARTHA'S VINEYARD, MASSACHUSETTS (Reuters) - Kenneth Feinberg, the Obama administration's pay czar, said on Sunday he has broad and "binding" authority over executive compensation, including the ability to "claw back" money already paid, and he is weighing how and whether to use that power.
Feinberg has been consulting with seven companies that have yet to pay back money they borrowed from the government, including Citi, American International Group Inc, Bank of America Corp, Chrysler Financial, Chrysler Group LLC, General Motors Co and GMAC Inc.
He also said he has the authority to use a "clawback" provision to go after compensation for executives from any company that received money from the U.S. Treasury's Troubled Asset Relief Program (TARP).
"I have the discretion, conferred upon by Congress, to attempt to recover compensation that has already been paid to executives not only in these companies, but in any company that received federal assistance," Feinberg said during his remarks
"The statute provides these guideposts, but the statute ultimately says I have discretion to decide what it is that these people should make and that my determination will be final," Feinberg said.
"The officials can't run to the Secretary of Treasury. The officials can't run to the court house or a local court. My decision is final on those individuals," Feinberg added.
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re: 'I have discretion to decide'
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U.S. 'Pay Czar' Claims Binding Authority Over Executive Compensation
MARTHA'S VINEYARD, MASSACHUSETTS (Reuters) - Kenneth Feinberg, the Obama administration's pay czar, said on Sunday he has broad and "binding" authority over executive compensation, including the ability to "claw back" money already paid, and he is weighing how and whether to use that power.
Feinberg has been consulting with seven companies that have yet to pay back money they borrowed from the government, including Citi, American International Group Inc, Bank of America Corp, Chrysler Financial, Chrysler Group LLC, General Motors Co and GMAC Inc.
He also said he has the authority to use a "clawback" provision to go after compensation for executives from any company that received money from the U.S. Treasury's Troubled Asset Relief Program (TARP).
"I have the discretion, conferred upon by Congress, to attempt to recover compensation that has already been paid to executives not only in these companies, but in any company that received federal assistance," Feinberg said during his remarks
"The statute provides these guideposts, but the statute ultimately says I have discretion to decide what it is that these people should make and that my determination will be final," Feinberg said.
"The officials can't run to the Secretary of Treasury. The officials can't run to the court house or a local court. My decision is final on those individuals," Feinberg added.
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re: 'I have discretion to decide'
Transforming the U.S. into a dictatorship is proceeding along just fine, thank you. All it took is a fabricated financial crisis, which created the imaginary circumstances whereby the government could ride in and financially rescue the 'homeland' from destruction with some so called 'bailout money', which has in turn created the opportunity for said government to come in and begin to dictate to "any company that received federal assistance". "Broad and 'binding' authority" is the claim. This is called taking over the private sector. In this instance in the area of executive compensation, but does anyone really believe it will stop there? Not a chance.
Will it be any different for states that take so-called stimulus money? Not a chance.
Hope you are paying close attention. This is coming straight from the source, right out of the horse's mouth, as the old saying goes. A defiant assumption of unaccountable power: "The officials can't run to the Secretary of Treasury. The officials can't run to the court house or a local court. My decision is final on those individuals," says so-called pay czar Feinberg.
Welcome to the dictatorial United States of Zionism, 2009.
follow links, connect dots:
Big Brother Begins To Rule Industry In U.S. 4-5-09
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What will be the end of these things..see: Zionism And The End Of The Church Age - A.C. Gaebelein 1933
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What will be the end of these things..see: Zionism And The End Of The Church Age - A.C. Gaebelein 1933
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