by j. wright
Two things in the national political works at this writing concern me greatly. One that may become enacted is the proposed appointment by President Obama of an “Executive-Pay Czar,” or as sometimes referred to in the media, a “Master of Compensation.” This appointed “Master,” not one selected or approved by Congress, will be filled by attorney Kenneth Feinberg, formerly on vice-president Joe Biden’s economic advisory staff. Feinberg’s job will be to ensure that private companies that received tazpayer bailout dollars from the questionable Troubled Asset Relief Fund (TARP) are abiding by the new executive pay levels put in place by Obama.
To begin with, TARP’s constitutionality was highly questionable when the Democrat controlled Congress relinquished its sovereign responsibility for the disbursement of the national treasury to the Executive branch, namely the Secretary of the Treasury under former president Bush and now under Obama. Add to that, the naming of a "Pay Czar" is another affront to the American free enterprise system exercised by the Executive branch whose apparent intention is to control private business expenditures. It has been reported that the new federal “Pay Czar’s” authority could possibly even reach into private companies that were NOT recipients of TARP. This the America where I grew up? Hardly.
The other issue is how Chrysler Corporation’s remaining debt holders had their day before the U.S. Supreme Court and lost, leaving the Indiana pensioners whose retirement savings were wrapped up in Chrysler bonds, standing alone in challenging Obama and his administration who earlier had called for “shared sacrifice” in this issue.
As National Review printed recently: “It should be noted that Chrysler’s unions, unsecured creditors who jumped to the head of the line thanks to White House power play, did not give an inch on their base pay or pension terms. Who would call that shared sacrifice?”
National Review quote source: http://planetgore.nationalreview.com/post/?q=ZTA4MTRlYmFiODhhNGU5MDI0YjhhMGNkZTY1NzAwY2Y=.