Weatherdem's Weblog

Bridging climate science, citizens, and policy

Pay Czar Limiting Execs’ Pay

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Most of the factors that went into causing the Great Recession continue unabated. Complex financial instruments continue to be packaged and gambled on. Dozens of smaller banks have failed while the biggest continue to gain power. Financial reform legislation is watered down with Con-supported measures even though not one Con will vote for the final package.

One bright spot among this morass is some top executives’ pay is being reduced (not just limited) by President Obama’s pay czar, Kenneth Feinberg. One of the results that the Corporate-Cons were fear-mongering about hasn’t occurred, which shouldn’t surprise anyone: those executives haven’t left their corporations in droves. 84% continue to work for the same firm at which their pay has been reduced.

For his 2009 pay rulings, which applied to the last few weeks of the year, Feinberg slashed overall pay by 50 percent and cash pay by 90 percent.

It’s not going to mean all the difference in the world, but it is a small signal of relatively good news.

If the right-wing was wrong about fear-mongering on this topic, I wonder on which other issues their fear-mongering is also incorrect…


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