What’s worse? The existence of a government “pay czar” who dictates the salary of private-sector citizens or the corporate welfare queens who complain about having to deal with a “pay czar” after being rescued with taxpayer funds?
Fortunately, we don’t have to choose.
As it turns out, executives at companies that took the biggest bailouts – A.I.G., GM. and Ally Financial Inc. — had little to worry about as many of them enjoyed “excessive” compensation according to a report by the Special Inspector General for the Troubled Asset Relief Program. Executives “continue to rake in Treasury-approved multimillion-dollar pay packages that often exceed guidelines,” was what Special Inspector General Christy Romero’s office found.