Hey, maybe someone should “claw back” Pay Czar’s big pay!

By Michelle Malkin  •  August 28, 2009 03:34 PM

My column last week on Pay Czar Kenneth Feinberg spotlighted his declaration of authority to retroactively “claw back” CEO compensation packages offered by TARP recipients that he deemed “excessive.”

Reuters reports today that His Highness the Special Master of Compensation himself has raked in some hefty compensation packages:

The “pay czar” tasked by the U.S. government with ruling on the eye-popping compensation of some of Wall Street’s top earners is far from a stranger to big paychecks and the trappings of wealth.

Kenneth Feinberg made $5.76 million last year as a partner in his Washington law firm, Feinberg Rozen LLP, according to a government ethics filing obtained by Reuters.

And his assets, which include a stake in his law firm, two homes and dozens of investments, are worth anywhere from $11 million to $37 million, according to the filing, which places assets in broad value categories.

His homes are a $1.66 million house in Bethesda, Maryland, near Washington, and a $1.96 million vacation home in West Tisbury, Massachusetts, on Martha’s Vineyard.

The article quotes experts who express hopes that Feinberg might be more sympathetic to high income-earners since he has enjoyed considerable income himself.

Nah. All depends on which cronies’ crostinis are being buttered.

Feinberg’s new filings also reveal potential conflicts of interest and — surprise — massive campaign contributions to the Special Master’s Democrat Masters:

A one-time chief of staff to U.S. Senator Edward Kennedy, who died Tuesday, Feinberg is also active politically, making more than $300,000 in campaign contributions since 1990, mostly to Democrats, according to the Center for Responsive Politics. The recipients include Barack Obama, Hillary Clinton and Christopher Dodd, chairman of the Senate Banking Committee.

Birds of a feather…

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Comments


  1. #1
    On August 28th, 2009 at 3:41 pm, TigerLady said:

    Hypocrites.

  2. #2
    On August 28th, 2009 at 3:41 pm, walterc said:

    Yeah, I think a Culture of Corruption” magazine is what this Country needs.

    The new corruption cases are appearing almost hourly now.

  3. #3
    On August 28th, 2009 at 3:43 pm, Regulus said:

    The article quotes experts who express hopes that Feinberg might be more sympathetic to high income-earners since he has enjoyed considerable income himself.

    Why does that sound like a wish as futile as hoping that Timmy Geithner and Cholly Rangel will “go easy” on the American taxpayer?

  4. #4
    On August 28th, 2009 at 3:44 pm, shooter said:

    Spread the wealth around.

    Nothing but a humongous power grab by blt-totus & co.

  5. #5
    On August 28th, 2009 at 3:45 pm, shooter said:

    3:41 pm, walterc said:
    The new corruption cases are appearing almost hourly now.

    And that’s just what we can FIND.
    How many more are very well hidden, like totus’s past?

  6. #6
    On August 28th, 2009 at 3:47 pm, ITookTheRedPill said:

    All of this “Czar” business really is Soviet.

    The giving of power to unelected, unaccountable people is a standard part of the Soviet practice of Ideological Subversion.

    We would do well to heed the warnings given 26 years ago by Soviet defector Yuri Bezmenov. Look up his videos on YouTube. Here are some of them. I can’t verify that link right now, but if it doesn’t work for any reason, search on his name and you will find other videos.

    Once you understand the process of Ideological Subversion that the Soviets have used in countries around the world, you will understand that Obama is following this process to a “T”.

  7. #7
    On August 28th, 2009 at 3:48 pm, TooMuchTime said:

    Yeah, I’m into that big money myself.

    I bought a Toyota Camry with my windfall profits from my only certificate of deposit. My house is worth a whopping 350k (In CA. It has been re-assessed twice, down. Thanks socialists.) I send my kids to the most expensive private schools – their names begin with “The City of” and end with “School District.”

    I rolling in so much money; when I can afford to buy groceries, I just can’t make up my mind. Paper, or plastic?

    /sarc

  8. #10
    On August 28th, 2009 at 3:55 pm, J S Ragman said:

    The article quotes experts who express hopes that . . .

    Well, my daddy used to tell me to hope in one hand, and crap in the other one, and see which one fills up first.

  9. #11
    On August 28th, 2009 at 3:56 pm, txvet2 said:

    You know the laws only apply to other people. Members of the Communist Party are exempt.

  10. #12
    On August 28th, 2009 at 4:06 pm, cheapseat said:

    txvet2; exactly! the politburo sets the rules for the peasants. they live by one rule, what’s good for me is good!.

  11. #13
    On August 28th, 2009 at 4:12 pm, tre said:

    Matthew 7:3And why beholdest thou the mote that is in thy brother’s eye, but considerest not the beam that is in thine own eye?

    4Or how wilt thou say to thy brother, Let me pull out the mote out of thine eye; and, behold, a beam is in thine own eye?

    Matthew 23
    1Then spake Jesus to the multitude, and to his disciples,

    2Saying The scribes and the Pharisees sit in Moses’ seat:

    3All therefore whatsoever they bid you observe, that observe and do; but do not ye after their works: for they say, and do not.

    4For they bind heavy burdens and grievous to be borne, and lay them on men’s shoulders; but they themselves will not move them with one of their fingers.

    5Thou hypocrite, first cast out the beam out of thine own eye; and then shalt thou see clearly to cast out the mote out of thy brother’s eye.

    Jesus said it better than I ever could.

  12. #14
    On August 28th, 2009 at 4:38 pm, CO2 Producer said:

    It’s like the kid who has the ice cream and sings that you can’t haaave nooone.

  13. #15
    On August 28th, 2009 at 5:59 pm, Papa Louie said:

    Feinberg is also active politically, making more than $300,000 in campaign contributions since 1990, mostly to Democrats, according to the Center for Responsive Politics.

    I’m sure those large contributions to Democrats had nothing to do with Feinberg’s Czar appointment. And even if it turns out that all the Czars have given heavy campaign contributions to Democrats, it’s pure coincidence.

    Obama pledged that his election would be the end of politics as usual and the beginning of a “new era of responsibility”. So I can assure you that political favoritism had no role in selecting any of the Czars. As Janet Napolitano would say, “there was no kind of political issues involved there.” /sarc off

  14. #16
    On August 28th, 2009 at 5:59 pm, Cowboy said:

    Is he a trial lawyer?

  15. #17
    On August 28th, 2009 at 6:31 pm, Uplander said:

    “The Rule of Law thus implies limits to the scope of Legislation: it restricts it to the kind of general rules known as formal law and excludes legislation either directly aimed at particular people or at enabling anybody to use the coercive power of the state for the purpose of such discrimination. It means, not that everything is regulated by law, but, on the contrary, that the coercive power of the state can be used only in cases defined in advance by the law and in such a way that it can be forseen how it will be used. A particular enactment can thus infringe on The rule of Law. Anyone ready to deny this would have to contend that whether The Rule of Law prevails today [1944] in Germany, Italy or Russia depends on whether the dictators have obtained their absolute power by constitutional means.”

    From F. A. Hayek 1944 – Page 120 – The Road To Serfdom
    Text and Documents – The Definitive Edition
    Edited by Bruce Caldwell 2007

    There is also a Footnote to this page relating to infringements of The Rule of Law, particularly by Facists.

    This could lead me to think that Czars are counter to The Rule of Law.

  16. #18
    On August 28th, 2009 at 7:11 pm, love2rumba said:

    Birds of a feather…

    f$%k together. I know, Iknow, I have no future as a poet…

  17. #19
    On August 28th, 2009 at 8:13 pm, 24Klady said:

    Why more than a half dozen things this admin has put into place has not been challenged as to it’s constitutionality leaves me needing more aspirin.

  18. #20
    On August 28th, 2009 at 8:34 pm, Rogue Cheddar said:

    On August 28th, 2009 at 3:55 pm, J S Ragman said:
    The article quotes experts who express hopes that . . .
    Well, my daddy used to tell me to hope in one hand, and crap in the other one, and see which one fills up first.

    Ooh! Ooh! Pick me! I know the answer to this!

  19. #21
    On August 28th, 2009 at 8:53 pm, zorro said:

    Tigerlady is right, hypocrites.

  20. #22
    On August 29th, 2009 at 9:34 am, bradley said:

    I’m waiting for the Obama administration to announce ONE shovel-ready project was finished on Saturday: Ted Kennedy.

    And it was televised, too. Too late to “claw” back any money he’d stuffed away.

  21. #23
    On August 29th, 2009 at 10:16 am, TigerLady said:

    shovel-ready project was finished on Saturday: Ted Kennedy.

    Is it too soon to laugh out loud?

  22. #24
    On August 29th, 2009 at 1:20 pm, bradley said:

    TigerLady, it is NOT too soon to laugh out loud, but don’t forget to tip the waitress on the way out. Thankyouverymuch.

  23. #26
    On August 29th, 2009 at 3:44 pm, TigerLady said:

    Thanks Bradley, I will have a hearty laugh now!!

  24. #27
    On August 29th, 2009 at 6:22 pm, tiredofit08 said:

    On August 28th, 2009 at 3:41 pm, walterc said:

    Yeah, I think a Culture of Corruption” magazine is what this Country needs.

    The new corruption cases are appearing almost hourly now.

    great idea!!! either that or a weekly recap blog page…

  25. #28
    On August 30th, 2009 at 12:40 pm, englishqueen01 said:

    I’d be curious to see anti-big salary liberals defend this.

    Why is this OKAY for government officials, but not okay for people who often become executives or CEOs after years, decades, of hard work?

    Hypocrites is too kind a word.

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