If you ask me, these execs ought to work for minimum wage until they get their house in order. Think of the lessons they'd learn. Obama's pay czar (that's right Beck: CZAR) is set to order pay cuts:
The Obama administration will soon order the nation's biggest bailed-out companies to drastically cut the pay packages of 175 top executives, a senior administration official confirmed to CNN Wednesday.
Kenneth Feinberg, who was named the White House's pay czar in June, will demand that each of the seven largest bailout recipients lower the total compensation for their top 25 highest paid employees by 50%, on average, the official told CNN.
For the past two months, Feinberg has been reviewing pay plans at Citigroup (C, Fortune 500), AIG (AIG, Fortune 500), Bank of America (BAC, Fortune 500), General Motors, Chrysler, GMAC and Chrysler Financial in an effort to put these firms in a position to pay back bailout money as soon as possible. CNN
Morgan Stanley CEO John Mack says he's trying to fix compensation but he doesn't appear to get it. "It's a war for talent." B.S. He says banks are an easy target:
