Job Czar starts capping bonuses, its ze end of ze world!!
We knew it was going to happen. Well, I did anyway. When TARP was introduced and passed and money started rolling out to companies like AIG, GM, and CitiBank I knew there were gonna be consequences. The CEO’s of these companies begged congress for this money, they NEEDED it to keep their failing businesses afloat. So congress obliged and now there are MORE strings attached. Um…DUH!!
Obama’s “pay czar”, Kenneth Feinberg, is capping bonuses at $500,000 for the top 25 employees at AIG, GM, GMAC and CitiBank. And boy are people up in arms!! “Ohhhhh the humanity!!!!!!!” Boo-freaking-hoo, I say. I understand that paying your best employees obscene bonuses is the best way to keep them around and hire more talent. But lets be real for a minute, if your top employees were doing their freaking jobs you wouldn’t have needed a multibillion dollar bailout from the government.
The essence of the caps go against every fiber of my being, but if you’re going to lay in bed with the devil you better be prepared to face the consequences. The government wants more of the bonuses to be tied into stock and other long term money incentives. Fine with me. Tie their bonuses to the actual performance of the company and make them EARN it. Most of these executives spent years and years in school, worked their way up from the bottom of the ladder and finally ended up in a job where they’re making millions of dollars every year for keeping a company sub-par?? C’mon!! This isn’t a freaking union, there’s no equal pay in the corporate exec world. You make what you earn. If your company is failing to the point that you NEED a government intervention then you should be lucky to even have a job, let alone a freaking BONUS.
So anyone who is even remotely upset about the bonus capping, shut it, they earned it. All of it.