The War on Success
24th November 2009
The latest battle in the administration’s war against success is the shakedown on executive pay put forth by Obama’s pay czar, Kenneth Feinberg. The much anticipated move follows the bullying of the AIG producers, as well as the Chrysler and GM bondholders last spring. In the case of the upcoming pay cuts, salaries are expected to be slashed as much as 90 percent on average and total compensation will drop by about 50 percent, underscoring an enormous decrease in the amount that many executives will be receiving this year. In other words, the pay cuts will continue until performance improves.