The growth of the federal government continues under the Obamism government. I am using the term “Obamism” to refer to the form of government we are watching unfold via the Obama administration. Many people argue with me that you cannot have both Facism and Marxism developing within the same government, so perhaps we are observing something completely contemporary that has never before been perceived. The addition of multiple czars that answer to no one but the President is a new phenomenon and have been appointed since the President has been in office and that trend is continuing with the appointment of a “Pay Czar” or what they are informing us is a Special Master for Compensation.
The role of this new czar is to ensure that any companies receiving bailouts from the federal government use the money wisely and abide by the rules set forth for executive pay. The administration would like to control the pay of all executives and more than likely will some day, but for now they are settling on oversight for bailed out companies. The man expected to be named to this position is Kenneth Feinberg who will be working for the Treasury Department. Mr. Feinberg was the caretaker of the 9/11 compensation fund for victims. The appointment is expected to come next week.
Scott Talbot, senior vice president of government affairs for the Financial Services Roundtable, said, “The law is confusing and a bit ambiguous, and so we’re looking for certainty as to how to structure pay incentives.” Wall Street is anxious to know the rules and follow them and appears to welcome the efforts to curb pay at financial firms. Wall Street is bending over for the President. The car companies are bending over for the President. The media is bending over for the President. Is there any group out there not readily bending to the whims of the Dictator-in-Chief when he demands it of them?
And be prepared for the Federal Reserve to start directing banks on compensation for employees based on what the Fed believes to be safe compensation to protect the viability of the bank. And the word is that these financial institutions and banks will have no recourse or ability to appeal decisions made for them on pay.
If this is not a march into socialism Obamism, I do not know what is.