THE PAY CZAR
wall street on the hog
The Obama Pay Czar Ken Feinberg, according to the Wall Street Journal, has acted to stop the bonuses of Bank of America's CEO Ken Lewis, and he has asked him to give back more than $2 million dollars still due him.
However, while Lewis "voluntarily agreed" to the arrangement, he would get away with a package of wealth that he did not deserve, and that was a huge sum of retirement benefit hovering around $70 million dollars. Nevertheless, that was poultry feed in the financial world for CEOs and money managers who oversaw large investments for retirees and low level investors, who became prey for them. Some of those reimbursement packages, which were non-deserving, and named "the golden parachutes", ran into several millions of dollars and then some.
It was such type of news that made many people angry, that some people on Wall Street and other such places were being paid heavily, with hefty bonuses to booth, while others could not afford to pay their rent or tried to subsist on meager kinds of pay to survive; and in some cases, to have to take care of families consisting of any number of members.
The economic travail that the country was going through had come out of the mismanagement of capitalist institutions such as (the) banks and investment corporations, failing to minimize or control what yearly bonuses that should be going to the so called bosses, who already lived on the hog and had homes and houses around the world. There was no actual pay structure, except on paper, that those corporations used "to cook the books" to prevent any detection of greed that was perpetrated.
The word "bonus" was loosely used to conceal the dishonorable and nefarious activities that set large sums of money aside for those people who were involved in those activities, so that they could even boast of how much they made. Thus climbing the corporate ladder profitably.
When the media, which by all standards, were part of the capitalist system, would overlook or fail to comment on the malfeasance that went on, in terms of how money was lavishly thrown around to compensate people in high positions and/or having hierarchical power in the financial industry, then the whole national economy would be crippled, and would even come to a standstill, as presently; and as such, everybody would eventually suffer as a result. Yet, why not? Probably they (the media) played the same dispicable game of paying out bonuses to their top employees, just as the others did.
If so, then the socialists that were clamoring for social justice and wealth distribution would be right, when part of society was permitted to get away with undeserved financial benefits and perquisites, or "perks", as they themselves called the practice, while others remained in abject poverty.
The pay Czar's responsibility is a fair one, to oversee pay structures that are, hitherto, shadowy; and that it is exceptionally good governance on the part of the federal government to have appointed him to carry out an obligation that is inevitably necessary. The position compliments and commends the Obama administration.