Czars Are Un-American (That’s Why We Use a Russian Word to Describe Them)
It doesn’t take a stethoscope to hear the reckless “what could it hurt” beat behind the creation of a “pay czar“:
Q: So what happens Thursday?
A: Thursday is the last day the companies can submit proposed pay packages for the 25 highest earners at each one. At least one company, General Motors, said Tuesday it already had submitted its plan.
Q: What’s next?
A: [Special Master for TARP Executive Compensation Kenneth] Feinberg has 60 days to review the proposals, then accept or reject them. He is expected to meet and negotiate with the companies during this period. He also will approve broader compensation formulas that will apply to the 75 next-highest-paid workers at each company.
Seven hundred of the wealthiest, most powerful corporate types in the United States, and the infrastructure that has heretofore granted their proclaimedly outsized remuneration, now have incentive to exert influence on a single person. It doesn’t take a dyed-in-the-wool libertarian to see where this is going.