Forcing Companies to Pay Back Crisis-Era Bonuses? Unfair, Says Pay Czar

July 23, 2010

U.S. (ChattahBox) – There have been calls from the American people since the beginning of the bailouts to force companies to pay back the $1.7 billion in bonuses paid through taxpayer dollars. For most of us, it just makes sense, forcing them to give back money that wasn’t theirs. But federal pay czar Kenneth Feinberg disagrees.

According to a report by RAW. the compensation adviser for the Obama administration is saying that it would be unfair and not right to make companies like CitiGroup and AIG to pay back outrageous bonuses and personal expenses used by government, tax-back ised bailouts.

His reasons? It wasn’t technically illegal, at the time.

“It was ill-advised. This wasn’t illegal. They violated no” rules but this was “bad judgment,” he was quoted as saying.

Bottom line? He isn’t going to request that huge sum of money returned, but will let the businesses and CEO’s get away with it. They will always get away with it. Just remember that next time you are walking to the local labor-ready office, hoping desperately that there is something there for you today.


Comments

4 Responses to “Forcing Companies to Pay Back Crisis-Era Bonuses? Unfair, Says Pay Czar”

  1. Feinberg: Unfair to Ask Firms to Return Payouts – Wall Street Journal | Carib Feed - Caribbean News on July 23rd, 2010 5:02 pm

    […] try to recoup 'ill-advised' payThe Associated PressReuters -Vancouver Sun -ChattahBoxall 928 news […]

  2. Feinberg: Unfair to Ask Firms to Return Payouts – Wall Street Journal | Carib Feed - Caribbean News on July 23rd, 2010 5:03 pm

    […] czar didn't try to recoup 'ill-advised' payThe Associated PressReuters -ChattahBox -UPI.comall 928 news […]

  3. Wall Street Exhales After Sidestepping Pay Czar’s Wrath – Wall Street Journal | FinanceMoz.com on July 23rd, 2010 6:18 pm

    […] didn't try to recoup 'ill-advised' payThe Associated PressReuters -UPI.com -ChattahBoxall 994 news […]

  4. The Stock Tutor » Blog Archive » Wall Street Exhales After Sidestepping Pay Czar’s Wrath – Wall Street Journal on July 23rd, 2010 11:55 pm

    […] czar didn't try to recoup 'ill-advised' payThe Associated PressNPR -UPI.com -ChattahBoxall 998 news […]

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