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 . . .
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.