Morning Bell: The Unaccountable Obama Czar State
Conn Carroll /
Yesterday the United States Department of the Treasury Special Master of Compensation Kenneth Feinberg announced a wage control scheme for the 175 executives of the seven companies that have received the most funds from the taxpayer funded Troubled Asset Relief Program (TARP). At first the Obama administration denied any involvement in Feinberg’s decision. Politico reports:
In fact, sources within the administration say the decision to cap corporate pay was Kenneth Feinberg’s, and his alone. A senior administration official tells POLITICO that Obama did not sign off on the pay master’s decision. Feinberg didn’t even brief the White House on it, the official said, but he briefed Treasury officials instead.
But after yesterday’s announcement that the Federal Reserve released its own plan to control how banks compensate their employees, the New York Times reported: (more…)