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Pay czar trims salaries at top of GM exec ranks

Reuters -- The U.S. pay czar will slash the number of top General Motors Co executives who will receive base salaries of more than $500,000 this year.

Pay czar Kenneth Feinberg said he plans to release the 2010 compensation decisions next week on the five large U.S. companies that are under pay restrictions as part of their government bailouts.

The rules restrict the top 25 executives from receiving more than $500,000 in base cash salary unless a company can prove a good reason for the higher pay.

GM is more than 60 percent-owned by the U.S. Treasury after a government-funded bankruptcy and reorganization in 2009. The U.S. government also holds a small stake in Chrysler, which is under management control of Italy's Fiat SpA.

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Submitted Mar 20, 2010 By: Mudsprings

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VetteBlue Champion Author San Jose Posts:5,486 Points:1,121,585 Joined:Jan 2007	Message Posted: Mar 20, 2010 11:22:30 AM Ignore VetteBlue Report Abuse How many really believe that.
twiper1 Champion Author San Diego Posts:2,936 Points:630,145 Joined:Oct 2008	Message Posted: Mar 20, 2010 11:22:12 AM Ignore twiper1 Report Abuse "Government motors"
Tundralimited2009 Champion Author Dallas Posts:2,572 Points:517,525 Joined:Feb 2009	Message Posted: Mar 20, 2010 11:20:36 AM Ignore Tundralimited2009 Report Abuse The lawyers will find a way
rocket_ron Champion Author Grand Rapids Posts:1,407 Points:1,039,890 Joined:Jul 2006	Message Posted: Mar 20, 2010 11:19:17 AM Ignore rocket_ron Report Abuse Good
goldilox88 Champion Author Montreal Posts:2,248 Points:623,605 Joined:Jun 2008	Message Posted: Mar 20, 2010 11:18:16 AM Ignore goldilox88 Report Abuse Every month I hear the same story.
goalie1950 Champion Author Phoenix Posts:1,615 Points:324,450 Joined:Oct 2009	Message Posted: Mar 20, 2010 11:18:10 AM Ignore goalie1950 Report Abuse It's about time that someone steps up to plate and addresses the issue of executive pay in the auto industry. The area of compensation & bonuses in all Fortune 500 companies is "out of control" and requires a much needed makeover that puts reasonabe restrictions in place. There is no one in a publicly held company, no matter what their skill level or contribution to the company, that should be compensated at the current exorbitant levels.
CPayZombie Champion Author Phoenix Posts:4,330 Points:678,350 Joined:Aug 2008	Message Posted: Mar 20, 2010 11:14:45 AM Ignore CPayZombie Report Abuse Now, if this route would only be taken for the House, Senate and Presidential offices.
armstrmb Champion Author Houston Posts:5,336 Points:1,112,730 Joined:Jun 2007	Message Posted: Mar 20, 2010 11:13:14 AM Ignore armstrmb Report Abuse Rather than czar (which takes the title from the former monarchy in Russia), the term should be Commisar (taken from communist Russia) since Obama is working hard to make us into a communist nation. His current healthcare initiative will take from the rich to give to the poor.
packards42 Champion Author Washington Posts:1,661 Points:303,355 Joined:Feb 2005	Message Posted: Mar 20, 2010 11:12:07 AM Ignore packards42 Report Abuse US pay czar, great, how about the open the board czars too. and energy czar without experience in any but green. Yes cut their salary, who worth 1/2 million a year. give us break. 99.9% of the population would jump for the job.
no_monkey2002 Champion Author Tallahassee Posts:3,783 Points:1,123,190 Joined:Mar 2006	Message Posted: Mar 20, 2010 11:12:03 AM Ignore no_monkey2002 Report Abuse is impeachment ready
PaylessKY Champion Author Kentucky Posts:3,585 Points:664,380 Joined:Oct 2008	Message Posted: Mar 20, 2010 11:11:51 AM Ignore PaylessKY Report Abuse All companies should be private or stock holder owned, not government owned.
arnerator Champion Author Seattle Posts:3,237 Points:654,960 Joined:Sep 2008	Message Posted: Mar 20, 2010 11:11:07 AM Ignore arnerator Report Abuse I agree with Diesel Ram...they will figure a way around the cap.
Glock27 Rookie Author Spokane Posts:23 Points:32,185 Joined:Aug 2009	Message Posted: Mar 20, 2010 11:08:57 AM Ignore Glock27 Report Abuse Why are people so worried about the pay of individuals who work for or run private industries? Oh, wait, Obama is trying to Nationalize the auto industry with the help of unions, and GM was the company who was suckered in the most. What about the pay of feceral government works which has gone up since the recession? More government workers make over 100K now than ever before. Where does the money come from to pay a government worker? Our Tax Dollars! It's no wonder the deficit is so much higher now that ever before. Praise Obama, the mighty one, Praise the Hope and Change. I hope all those who voted for him have been happy with his attacks on Our Nation!
pliskin Champion Author Syracuse Posts:3,204 Points:978,285 Joined:Apr 2005	Message Posted: Mar 20, 2010 11:08:53 AM Ignore pliskin Report Abuse PAY CZAR! SOCIALIST NATION! Look at what they're going to do to us if we don't BUY health care. There going to fine (tax) us at a rate of 2% of our annual income to be collected by the IRS. To do this they are hiring 16,500 new agents at a cost of $10 billion. How's that Hope and Change thing looking for you now? And by this time Sunday it'll all be over. Hopefully everyone will remember this on November 2nd and VOTE! Maybe we change it back. Thanks to SUPERQUACK AND Pede....Pliskin
SUPERQUACK Champion Author Sacramento Posts:1,467 Points:986,025 Joined:Jun 2007	Message Posted: Mar 20, 2010 11:05:55 AM Ignore SUPERQUACK Report Abuse YES, UMASS .... LETS VOTE OUT "ALL" INCUMBENTS ..... DEMS AND REPUBLICANS ....
DABEE1073 Champion Author San Diego Posts:2,983 Points:597,535 Joined:Jun 2008	Message Posted: Mar 20, 2010 11:05:13 AM Ignore DABEE1073 Report Abuse WHEN IS WASHINGTON GOING TO GET RID OF THE CZARS? ALL OF THEM.
Diesel_Ram Champion Author Dallas Posts:1,708 Points:554,975 Joined:Jan 2009	Message Posted: Mar 20, 2010 11:04:48 AM Ignore Diesel_Ram Report Abuse Good but, they will find a way around it. Private sector people are way smarter then government employees, at any level.
BWD Champion Author Charleston Posts:2,412 Points:1,617,885 Joined:May 2004	Message Posted: Mar 20, 2010 11:04:06 AM Ignore BWD Report Abuse It's about time.
UMassLowell Veteran Author Dayton Posts:425 Points:216,570 Joined:May 2008	Message Posted: Mar 20, 2010 11:03:43 AM Ignore UMassLowell Report Abuse I believe "all" Politicians in DC should forfeit their pay until they can follow the Constitution.
SUPERQUACK Champion Author Sacramento Posts:1,467 Points:986,025 Joined:Jun 2007	Message Posted: Mar 20, 2010 10:59:58 AM Ignore SUPERQUACK Report Abuse YES, METROMAN ..... OUR COUNTRY IS CRUMBLING WITHOUT ANY TERRORIST ATTACKS SINCE WE HAVE IDIOTS LIKE OBAMA, PELOSI,REID, FRANK AND OTHER SOCIALISTS RUINING EVERYTHING FOREVER...... YOU STAY HERE .... I AM PLANNING TO MOVE OUT WHILE I AM STILL ABLE .....
Pede Champion Author New Jersey Posts:2,798 Points:398,645 Joined:Apr 2007	Message Posted: Mar 20, 2010 10:59:14 AM Ignore Pede Report Abuse I do not know what it is about the word czar but what is this country coming to when we have to use an un-american word to describe a job.
mfeldstein Champion Author Ottawa Posts:3,732 Points:1,051,465 Joined:Feb 2007	Message Posted: Mar 20, 2010 10:58:16 AM Ignore mfeldstein Report Abuse Ok, but what about the bonuses which can make base salaries look like pocket change?
grandmacbc Champion Author Buffalo Posts:1,733 Points:533,205 Joined:Oct 2008	Message Posted: Mar 20, 2010 10:57:02 AM Ignore grandmacbc Report Abuse Who is looking at the pay of the Czars? They weren't even elected and have increased the roles of government employees.
mazdaboy Champion Author Portland Posts:3,017 Points:1,135,275 Joined:Aug 2003	Message Posted: Mar 20, 2010 10:56:08 AM Ignore mazdaboy Report Abuse The dollar has been going up too.
Texrider49 All-Star Author New Haven Posts:644 Points:214,465 Joined:Dec 2007	Message Posted: Mar 20, 2010 10:55:23 AM Ignore Texrider49 Report Abuse i would rather buy a GM vehicle than a toyota
9C1 Champion Author Chicago Posts:17,689 Points:3,278,695 Joined:Jul 2001	Message Posted: Mar 20, 2010 10:53:26 AM Ignore 9C1 Report Abuse If we had let GM and Chrysler go under, and the banks and AIG and the rest -- the USA would now be like Greece. Take a look at where they are and ask yourself if you want to live like that. Thanks to Obama and his crew the economy is getting better, and the gasoline prices are going up along with the economy.
baitmn Champion Author New Orleans Posts:4,008 Points:1,129,025 Joined:Sep 2006	Message Posted: Mar 20, 2010 10:52:57 AM Ignore baitmn Report Abuse These czar are a joke by themself, it must be from our ole GUBMUNT guys
mmene Champion Author Houston Posts:2,570 Points:585,470 Joined:May 2008	Message Posted: Mar 20, 2010 10:52:29 AM Ignore mmene Report Abuse That sounds pretty rough, I don't know how they will make ends meet with a base salary of only $500,000 per year. Enjoy our taxpayer dollars will ya.
bluenvoy Champion Author Nashville Posts:7,820 Points:1,091,040 Joined:Oct 2005	Message Posted: Mar 20, 2010 10:52:17 AM Ignore bluenvoy Report Abuse The Pay Czar is a COMMUNIST!
gasokie All-Star Author Oklahoma Posts:546 Points:577,040 Joined:May 2007	Message Posted: Mar 20, 2010 10:46:17 AM Ignore gasokie Report Abuse If the stockholders would pay attention to their business these guys wouldn't have been bleeding GM white all these years. The ones who really got screwed were retired stockholders and their retirement accounts.
Metroman Champion Author Philadelphia Posts:8,202 Points:1,644,470 Joined:Aug 2003	Message Posted: Mar 20, 2010 10:45:25 AM Ignore Metroman Report Abuse You know I'm getting tired of hearing about Government Motors and how buying a GM Vehicle only encourages the Idiot in the White House! If I remember right, he is our President and has done a hell of lot more in a little over a year, and certainly more the one before him did in eight years unless you count lying to us to get in a war in the wrong country! [Edited by: Metroman at 3/20/2010 10:45:50 AM EST]
WIPACKERFAN Champion Author Chicago Posts:3,942 Points:878,815 Joined:Aug 2005	Message Posted: Mar 20, 2010 10:43:27 AM Ignore WIPACKERFAN Report Abuse bumpygas, I fully agree with you.
gabbygusIN Champion Author Indiana Posts:2,370 Points:596,125 Joined:Oct 2008	Message Posted: Mar 20, 2010 10:39:42 AM Ignore gabbygusIN Report Abuse Good point mooneyman! After all he owns Government Motors!
njerald Champion Author Seattle Posts:2,897 Points:667,455 Joined:Oct 2007	Message Posted: Mar 20, 2010 10:38:15 AM Ignore njerald Report Abuse GM is all ready bankrupt again when you throw GMAC back in where it is supposed to be. They are selling cars on credit and have the taxpayers pay for the financing.
mooneyman Champion Author San Bernardino Posts:1,876 Points:379,825 Joined:Jul 2009	Message Posted: Mar 20, 2010 10:37:19 AM Ignore mooneyman Report Abuse Don't buy a gm vehicle. It only encourages the idiot in the white house
EXTREMESNOW Champion Author Medford Posts:4,516 Points:950,810 Joined:Jul 2006	Message Posted: Mar 20, 2010 10:37:11 AM Ignore EXTREMESNOW Report Abuse Maybe the government should also cut their pay instead of giving themselves a raise. They should have to pay into social security and use the same health care they are wanting to feed to the American public then maybe they could actually fix the problems.
davmoo Champion Author Indiana Posts:1,090 Points:1,987,620 Joined:May 2004	Message Posted: Mar 20, 2010 10:36:16 AM Ignore davmoo Report Abuse If the execs don't like it, they have an easy way to prevent it in the future...pay back the billions they received in the current bailout, and don't ask the taxpayers to bail them out again. If you want taxpayer help, then you accept taxpayer control. I'll bet money that those of you squawking here about how the government should not be controlling GM would have been the same people squawking just as loud if the government let GM sink. And I'll also remind a bunch of you that it was your idol King George the Second that first got the ball rolling on bailing out GM and Chrysler. So while you're pointing those fingers at Obama, be sure and point a few at Bush too.
bumpygas Champion Author Nebraska Posts:3,510 Points:959,500 Joined:Oct 2007	Message Posted: Mar 20, 2010 10:36:02 AM Ignore bumpygas Report Abuse That's what happens when Obama takes over in General Motors. Can we only guess what will happen with Health Care?
Maintroll Champion Author Lexington Posts:3,689 Points:725,210 Joined:Aug 2008	Message Posted: Mar 20, 2010 10:34:51 AM Ignore Maintroll Report Abuse A vast majority unemployed and worrying about how they are going to feed their families and these bums getting atrosious salaries like this. No, it should not be so and they should be cut.
katiejayWV Champion Author West Virginia Posts:1,260 Points:381,360 Joined:Nov 2008	Message Posted: Mar 20, 2010 10:34:13 AM Ignore katiejayWV Report Abuse The best people will leave GM.
murdershewrote Champion Author Riverside Posts:4,632 Points:1,633,310 Joined:Mar 2005	Message Posted: Mar 20, 2010 10:31:59 AM Ignore murdershewrote Report Abuse they deserve it..the cut that is
TommyTraveler Champion Author Cincinnati Posts:3,686 Points:721,055 Joined:Nov 2007	Message Posted: Mar 20, 2010 10:31:33 AM Ignore TommyTraveler Report Abuse Capitalism is dying.
tml721 Champion Author Dayton Posts:7,385 Points:1,422,280 Joined:Jul 2005	Message Posted: Mar 20, 2010 10:28:56 AM Ignore tml721 Report Abuse IF Gov cuts the pay of 1, it'll cut anyones pay. If you think it won't happen, just sit back, do nothing, and NEVER say you weren't told so when it finally happens to YOU.
Bhmf4 All-Star Author Alabama Posts:504 Points:404,340 Joined:Oct 2008	Message Posted: Mar 20, 2010 10:28:48 AM Ignore Bhmf4 Report Abuse How about cutting the pay of Federal Government executives who make over 500k per year? How about cutting the number of czars in the White House? What a crock.
Ticoman54 Champion Author Miami Posts:2,606 Points:585,220 Joined:Oct 2008	Message Posted: Mar 20, 2010 10:28:19 AM Ignore Ticoman54 Report Abuse Good point jb107 and one that many of us are missing. While it is to be argued the extraordinary salaries that certain top executives have received in the past, having the U.S. government decide your salary is NOT the American free market enterprise way. Having the government decide your salary has been done in places like China, Cuba and Russia. And what do these countries have in common? You decide.
I10Express Champion Author San Antonio Posts:3,705 Points:662,345 Joined:Nov 2008	Message Posted: Mar 20, 2010 10:28:14 AM Ignore I10Express Report Abuse Since the pay gap between senior executives and everyone else became so great in the past decade, I think this is a good move. What are these top executives doing that justifies salaries 10 times what the managers under them get and on down the line. Taking a company to bankruptcy normally results in firing and not a big fat paycheck.
Somis1 Champion Author Ventura Posts:8,333 Points:1,662,465 Joined:Jul 2005	Message Posted: Mar 20, 2010 10:27:47 AM Ignore Somis1 Report Abuse I like the numbers in principal, but I hope someone takes the government to court over this. Where does the constitution mention determining industrial pay?
Hazelnut Champion Author Greensboro Posts:1,881 Points:754,305 Joined:Sep 2003	Message Posted: Mar 20, 2010 10:27:40 AM Ignore Hazelnut Report Abuse All that was added to the price tag of the vehicle we buy. No wonder they are all starting at above $20k to fatten their wallets.
tazdriver Champion Author Huntsville Posts:4,892 Points:1,180,600 Joined:Jan 2007	Message Posted: Mar 20, 2010 10:26:37 AM Ignore tazdriver Report Abuse So much for free enterprise
Bill100 Champion Author Grand Rapids Posts:3,589 Points:201,000 Joined:Jan 2010	Message Posted: Mar 20, 2010 10:26:00 AM Ignore Bill100 Report Abuse I fear the term "base cash salary" leaves open the possibility of other forms of compensation, including cash compensation. And what constitutes proving "a good reason for the higher pay"? I have seen many flimsy reasons many, many times before.
braves89 Champion Author Chicago Posts:2,755 Points:657,420 Joined:Apr 2008	Message Posted: Mar 20, 2010 10:25:39 AM Ignore braves89 Report Abuse Osama is being cheap