No, You Can’t Keep Your Executive Pay. Not Yours.

August 17th, 2009 by Jason · 3 Comments · regulatin

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If there is one thing in life that you should never, ever forget, it’s that Ken Feinberg always collects, everything, forever. Not only does he have the authority to limit current compensation, he also claims the God-given right to take back money already paid.

If you work for a TARP recipient, Ken Feinberg controls your money in the past, present, and the future. Even if you work for, say, Goldman, who has already paid back its money and is no longer under extra government control, he still may hold dominion over you.

“I have the discretion, conferred upon by Congress, to attempt to recover compensation that has already been paid to executives not only in these companies, but in any company that received federal assistance,” Feinberg said during his remarks.

Asked by Reuters if he could use that ability to target a firm like Goldman Sachs Group Inc, which paid back $10 billion in bailout money, Feinberg said: “Anything is possible under the law.”

Anything is possible, people. Anything. Unicorns, absolute zero, travel at light speed. This law makes all things not only possible, but within the reach of Kennay. Ken Feinberg can legally kill you for taking a bonus. And his is the final say on anything. There is no higher authority. You can’t go to Timmay. You can’t complain to your congressman. You can’t even pray to your God – no, not the almighty dollar, the other one, with the angels and the omnipotence and such – because Ken’s authority is the highest in the universe. Do not test Ken. He will end you.

“The statute provides these guideposts, but the statute ultimately says I have discretion to decide what it is that these people should make and that my determination will be final,” Feinberg said.

“The officials can’t run to the Secretary of Treasury. The officials can’t run to the court house or a local court. My decision is final on those individuals,” Feinberg added.

If you’ve ever thought that Andrew Cuomo, or Eliot Spitzer before him, was a little mad with a relatively limited amount of power, you were wrong. They are amateurs. Ken Feinberg is showing us all how it’s done.

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