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Detroit Escorts: Treasury Orders Executive Pay Cut

Treasury official Kenneth Feinberg said that the salaries for the top 25 executives are being cut by as much as 90 percent starting next month. The slash in pay will be felt by executives at Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial — all of whom were the happy recipients of TARP money.
While it may seem like sour grapes for us to be reveling in the misery of others, bear in mind that we’re not talking about pay cuts that will cast these men and women (but let’s face it, mostly men) out onto the street. More than 90 percent of affected workers will have their salaries capped at comfortable $500,000 — hardly what one could consider a hardship. On top of that, employees will also be able to enjoy an additional $25,000 in perks, such as company cars and jets, without approval from the Treasury. Beyond that, they’ll need Feinberg’s approval. (We can see the outstretched hands already. But I need that $10,000 escort service!!)

See the full article from “Tonic”