Newest GM Chief Highest Paid Federal Bureaucrat

Daniel Akerson, the new CEO of General Motors – a substantially owned subsidiary of Uncle Sam – just struck it rich.  Barack Obama’s Pay Czar, Kenneth Feinberg, approved a three-year $9 million compensation package for Akerson, who hails from the telecommunications and private equity industries.  Feinberg approved the pay package before resigning – one hopes from shame.    

Akerson’s pay package must make even a handsomely paid G-15 federal employee salivate.  A senior G-15 federal worker makes an annual base salary of $129, 517.  That’s base pay; that doesn’t count any benefits, including a cushy retirement package. 

Nine million bucks for a government worker bee is well off Uncle Sam’s 2010 Base General Schedule Pay Scale.  It might be profitable for voters to ask congressional candidates – particularly Democrats, who are Government Motors principal cheerleaders – why on earth is Akerson getting such a hefty pay package when Government Motors is only around thanks to taxpayer dollars.

And one wonders what the UAW’s blue-collared rank and file think of their leaders going along with Akerson’s extravagant compensation deal.  Jimmy Hoffa would be rolling over in his grave – if he had one.        

Government Motors’ defenders will argue that the company is moving toward public sales of stock as a step toward shedding government ownership, and that Akerson’s deal anticipates a GM free from government shackles.  But the fat lady hasn’t sung yet, and Government Motors is still, well, Government Motors.    

Should Republicans win control of either or both houses of Congress, it’s time to force Government Motors back on its own in the private sector, where it must sink or swim on the merits of the products it produces, its ability to compete, and its management capability.  No more taxpayer dollars or government help.  And, as a general rule, no more bailouts for failing businesses.    

It should never cease to gall taxpayers that Mr. Obama and his statist cohort wrung the sweat from their brows to make the bread that Government Motors has been eating.  Taxpayers need to say to Washington politicians: Never again.   

True believers in free enterprise don’t begrudge business execs who make boatloads of money.  But bureaucrats who masquerade as business execs in federal government controlled enterprises are another story.  Maybe G-scale pay should be good enough for Mr. Akerson, too.

 

 

Daniel Akerson, the new CEO of General Motors – a substantially owned subsidiary of Uncle Sam – just struck it rich.  Barack Obama’s Pay Czar, Kenneth Feinberg, approved a three-year $9 million compensation package for Akerson, who hails from the telecommunications and private equity industries.  Feinberg approved the pay package before resigning – one hopes from shame.    

Akerson’s pay package must make even a handsomely paid G-15 federal employee salivate.  A senior G-15 federal worker makes an annual base salary of $129, 517.  That’s base pay; that doesn’t count any benefits, including a cushy retirement package. 

Nine million bucks for a government worker bee is well off Uncle Sam’s 2010 Base General Schedule Pay Scale.  It might be profitable for voters to ask congressional candidates – particularly Democrats, who are Government Motors principal cheerleaders – why on earth is Akerson getting such a hefty pay package when Government Motors is only around thanks to taxpayer dollars.

And one wonders what the UAW’s blue-collared rank and file think of their leaders going along with Akerson’s extravagant compensation deal.  Jimmy Hoffa would be rolling over in his grave – if he had one.        

Government Motors’ defenders will argue that the company is moving toward public sales of stock as a step toward shedding government ownership, and that Akerson’s deal anticipates a GM free from government shackles.  But the fat lady hasn’t sung yet, and Government Motors is still, well, Government Motors.    

Should Republicans win control of either or both houses of Congress, it’s time to force Government Motors back on its own in the private sector, where it must sink or swim on the merits of the products it produces, its ability to compete, and its management capability.  No more taxpayer dollars or government help.  And, as a general rule, no more bailouts for failing businesses.    

It should never cease to gall taxpayers that Mr. Obama and his statist cohort wrung the sweat from their brows to make the bread that Government Motors has been eating.  Taxpayers need to say to Washington politicians: Never again.   

True believers in free enterprise don’t begrudge business execs who make boatloads of money.  But bureaucrats who masquerade as business execs in federal government controlled enterprises are another story.  Maybe G-scale pay should be good enough for Mr. Akerson, too.

 

 

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