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Kenneth Feinberg, the Pay Czar, announced he would be cutting the salaries and benefits of 175 employees of financial houses and companies that received bailout funds. He has decided to cut their salaries an average of 90 percent and also cut their benefits so their total compensation package is half of what it was last year. Some will say, “great, stick it to the guys who caused this mess.” Problem is most of these people came in after the mess to help clean it up. The people who were in those positions got their fat salaries and bonuses and left. Let’s take GM as an example.
The government gave them bailout money. Obama fired the president of the company. Then cut their advertising budget by half, and closed down half of their dealerships.
Now the next move is to cut the compensation in half of the people that have been tasked with bringing the company out of the mess that it is in.
No wonder the President hasn’t had a job in the private sector, he doesn’t have a clue how to run a business. You can’t grow a business by cutting your sales staff and your advertising budget in half. Then completely gutting the morale of those left in the company.
The President has asked Mr. Feinberg to tie compensation to long-term performance, something he believes will prevent employees from taking unnecessary risks for short-term gains. They believe shifting salary away from cash to stock will help achieve that goal. That is a good idea. So why don’t we include all government employees, including Congress, in that compensation plan. So I believe at this point, congressmen and senators owe us money instead of giving themselves big raises.
Bryan Newell
Shawnee
Kenneth Feinberg, the Pay Czar, announced he would be cutting the salaries and benefits of 175 employees of financial houses and companies that received bailout funds. He has decided to cut their salaries an average of 90 percent and also cut their benefits so their total compensation package is half of what it was last year. Some will say, “great, stick it to the guys who caused this mess.” Problem is most of these people came in after the mess to help clean it up. The people who were in those positions got their fat salaries and bonuses and left. Let’s take GM as an example.
The government gave them bailout money. Obama fired the president of the company. Then cut their advertising budget by half, and closed down half of their dealerships.
Now the next move is to cut the compensation in half of the people that have been tasked with bringing the company out of the mess that it is in.
No wonder the President hasn’t had a job in the private sector, he doesn’t have a clue how to run a business. You can’t grow a business by cutting your sales staff and your advertising budget in half. Then completely gutting the morale of those left in the company.
The President has asked Mr. Feinberg to tie compensation to long-term performance, something he believes will prevent employees from taking unnecessary risks for short-term gains. They believe shifting salary away from cash to stock will help achieve that goal. That is a good idea. So why don’t we include all government employees, including Congress, in that compensation plan. So I believe at this point, congressmen and senators owe us money instead of giving themselves big raises.
Bryan Newell
Shawnee
