WASHINGTON — President Barack Obama’s pay czar on Tuesday ordered executive compensation at prominent bailed-out firms to be cut by 15 percent, amid voter anger over Wall Street pay.
Kenneth Feinberg said 119 executives at AIG, Chrysler, Chrysler Financial, General Motors and its troubled former finance arm GMAC would see their cash rewards slashed by a third and their total pay cut by 15 percent versus last year.
All five firms received taxpayer money to stay afloat during the financial crisis, which continues to weigh on US economic recovery.
Feinberg also sent a letter to more than 400 firms who got government bailouts before February 2009, asking them to disclose details of the top 25 executives receiving annual pay of more than 500,000 dollars.
It marks the first time the government will look into pay at a broad swath of firms that took government bailout funds.
But the list contains some familiar names from the financial crisis including; American Express, AIG, Bank of America, Chrysler, Morgan Stanley, Citigroup, General Motors, JP Morgan Chase, the Bank of New York Mellon and Wells Fargo.
In a statement, the Treasury said Feinberg’s review would “determine whether any payment was contrary to the public interest — and, if any such payment is identified, will seek to negotiate reimbursements to the federal government.”
It is the latest in a series of pay reviews ordered by the Obama administration, which has denounced the culture of paying large executive bonuses at failing firms.
Critics say the pay limits at bailed-out firms stop them from attracting top talent.
In a statement announcing the 2010 measures, the Treasury Department — where Feinberg is based — said 84 percent of the executives included in last year’s rulings remain at their firms.
John Oliver perfectly explains the Mueller report in a way all Americans can understand
The overwhelming majority of Americans have not read the 400-plus-page report from special counsel Robert Mueller. As it stands, it's unclear how many elected officials have either. It's become a problem for Democrats, who would like to impeach the president but can't get the American people to pay attention long enough.
"Last Week Tonight" host John Oliver has a solution. In his Sunday show, Oliver outlined a vital piece of the report that outlined just one of many obstructions of justice at the hand of President Donald Trump.
After he outlined what impeachment is, he showed Trump talking about the law that claims it's for "high crimes and misdemeanors." According to Trump, he has to be accused of both because it says "and." An annoyed Oliver corrected the president's incorrect assessment.
John Oliver unleashes epic supercut of Fox News host who can’t stop bragging about learning German in high school
Fox News host Brian Kilmeade took German as his foreign language in high school. If you didn't know that, then you likely don't watch Fox News, because the host has made a claim several dozen times.
HBO host John Oliver spent a few moments out of his Sunday episode of "Last Week Tonight" to mock Kilmeade for his desire to remind people of his three years of classes frequently.
Kilmeade has talked about it so many times that his co-hosts began preempting his comment every time the country of Germany is mentioned, or the German Chancellor Angela Merkel appears on the screen.
Watch the hilarious mockery below:
Trump thinks he can create his own healthcare law that will take the issue off the table for Democrats
One of the significant issues Republicans lost on in 2018 was their nearly decade-long crusade to unmake the Affordable Care Act, known as Obamacare.
This week Trump will announce that he's running for president again, and he promises a surprise announcement while there. While it's unclear what he intends for the surprise, one thing he is talking about is a better healthcare law than the Democratic one.
According to The New York Times, Trump is "vowing to issue the plan within a month or two, reviving a campaign promise with broad consequences for next year’s contest."