Executives of the nation's biggest bailed-out companies are about to get dramatic pay cuts. The Obama administration's pay czar wants their salaries cut in half.
An administration official tells CNN that Kenneth Feinberg, who was named the White House's pay czar in June, will demand that each of the seven largest bailout recipients cut the total compensation for their top 25 highest paid employees by 50%, on average. Under the plan, annual salaries for executives could fall 90% on average.
What do you think? Is the administration’s plan more unnecessary government intervention in the private sector or justifiable regulation when corporations are subsidized by the federal government?