WASHINGTON (Reuters) - Pressure from financial institutions and Treasury officials undermined an effort to limit executive pay at seven companies rescued with taxpayer money, a new government audit showed on Tuesday.
The official overseeing executive pay for bailout firms limited cash compensation and made some reductions in pay, but still approved compensation packages in the millions, the TARP (Troubled Asset Relief Program) inspector general said in the report.
Former U.S. pay czar Kenneth Feinberg approved pay packages worth $5 million or more from 2009 to 2011 for 49 top earners, the report said.
2. Had there been a mechanism for firing these jerks you could have shut them up quickly...
It is that sense of invulnerability that the average Joe does not have that these idiots have developed because of the stratospheric compensation. They begin to believe their own press releases. If there had been some firings, or better yet some prosecutions, this would not have been an issue.