This is proving to be undeniably the case for those companies who have accepted a portion of the 2008 - $700 billion dollar bailout.
It was a Faustian deal. For a pittance, they have sold their corporate souls to the Obama Administration.
Now, day by day, instance by instance, they are discovering that they no longer own themselves. They no longer can decide for themselves what they should do, what is best for their company or what is best for their shareholders. Those decisions now belong to the occupant of 1600 Pennsylvania Ave and his minions.
WASHINGTON (AP) -- The Obama administration plans to order companies that received huge U.S. government bailouts last year to sharply cut the compensation of their highest paid executives, according to a person familiar with the decision.
The seven companies that received the most assistance will have to cut the annual salaries of their 25 highest-paid executive by an average of about 90 percent from last year, said the person, who spoke on condition of anonymity because it has not been announced.
This person said Wednesday that the Treasury Department will announce the deep pay cuts within the next few days.
Kenneth Feinberg, the special master at Treasury appointed by Obama to handle compensation issues at the seven firms getting exceptional assistance from the government's $700 billion financial bailout package, is making the pay decisions.
The seven companies are: Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial.
Total compensation for the top executives at the seven firms will decline, on average, by about 50 percent, according to the person familiar with the administration's decision.
Read these articles.
U.S. Said to Order Deep Pay Cuts at Bailed-Out Companies
Pay Czar to Slash Compensation at Seven Firms
US plans big pay cuts at bailout firms
Some people think that Fascism is when the corporations own the government. They have it back-ass-wards. In actuality, Fascism is when the government owns the corporations.
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Have you ever danced with the Devil in the pale moonlight?
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