Perhaps the White House nonsense of he said, she said; did they or didn't they regarding Fox News and access to "pay czar" Kenneth Feinber was to draw attention away from the outrageous compensation packages some government employees are receiving.
While Feinberg, with Obama's blessings, is publicly talking about limiting the salaries of top executives of private companies who receive government bailout funds, a few weeks earlier Rachel Beck of Business Week revealed the exceedingly generous salary and benefits awarded to Freddie Mac's new chief financial officer, Ross Kari. The government justified this move using the same arguments as private industry: to get the best you have to pay them very well otherwise they'll leave and join another company.The pay package given to Freddie Mac's new chief financial officer should have sent a message from Washington to corporate America about how executive compensation standards must change. Instead, it did just the opposite.
The government-controlled mortgage finance company is giving CFO Ross Kari compensation worth as much as $5.5 million. That includes an almost $2 million cash signing bonus and a generous salary that could top $2.3 million. (emphasis added.)
The Federal Housing Finance Agency, which oversees Freddie Mac, approved the pay package. A spokeswoman pointed to a statement that justified the agency's approval of the pay, which was done in part because the amount was comparable to what others in the financial services industry make.
But hey, he's performing a public service at great sacrifice, giving back and working for the government. We should be grateful.
hat tip: Instapundit
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