For every Wall Street asshat who voted for a communist with marxist mentors... it's karma time! Another giant slide down the marxist rabbit hole. The coup on the constitution continues by the anti-constitutionalist in the White House. If the White House can cut their pay, the White House can cut yours.
Who will want to work for these banks? Would you? Would you work in any environment where you weren't in control of your our destiny? Who the hell is the government to put a ceiling, a cap on my dreams?
I for one don't care what the big swinging dicks get on Wall Street. They spend the money. They put the money back into the New York economy. I'd sooner have Wall Streeters have the money than Dodd, Rangel, Pelosi, Reid, Obama .....hellooooooooooooooooo.
Oct. 22 (Bloomberg) -- The Obama administration slammed Wall Street by ordering pay cuts of an average of 50 percent and caps on benefits for top executives at companies owing the government billions of dollars from taxpayer-funded bailouts.
The news triggered debate about the government’s reach into private industry, whether pay reductions would spread to other companies and if a talent drain from U.S. firms would ensue. Others cheered the move.
“I don’t think there will be any charity cases on Wall Street,” said Representative Barney Frank, 69, a Democrat from Massachusetts and chairman of the House Financial Services Committee, in a telephone interview. “This is a very good thing.”
Executives at seven companies including New York-based Citigroup Inc. and Charlotte, North Carolina-based Bank of America Corp. will have their pay cut by an average of 50 percent after months of negotiations with Kenneth R. Feinberg, 63, the U.S. special master on compensation, according to people familiar with the matter.
The cash portion of salaries for the 25 highest-paid employees will be slashed 90 percent under Feinberg’s review, which will be released as early as today, according to one person familiar with the talks. Some cash will be replaced by shares that employees will be restricted from selling immediately, another person said.
The vast majority of cash salaries are at or under $500,000, according to a person familiar with the matter. The highest paid executive is at Bank of America with a compensation package that comes in under $10 million, the person said, declining to identify the executive.
And then this .....................
The top 25 executives at General Motors Co., Chrysler Group LLC, GMAC and Chrysler Financial could face pay cuts under the Obama administration's latest plan to rein in compensation to companies that still owe billions to the government.
No pay cuts for community organizers.
Or tort lawyers.