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Government Slashes Salaries for Bailed-Out Company Executives

October 23, 2009

Congressman Doc Hastings sounds off on the Obama administration plans to order companies that have received exceptionally large amounts of bailout money from the government to slash compensation for their highest-paid executives. . . Hastings, who voted against the original bailout, said the move reinforces his argument against government takeover of private business . . .Hastings outlined his concerns in an interview with Wenatchee Bureau Chief Steve Hair. The cuts will affect 25 of the most highly paid executives at each of five major financial companies and two automakers. Cash salaries will be cut by about 90 percent compared with last year. The administration also will curtail many corporate perks: use of corporate jets for personal travel, chauffeured cars and country-club fee reimbursement, to name a few, sources said. Any executive seeking more than $25,000 in special perks will have to apply to the government for permission.

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