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October 23, 2009

Are CEOs Being Denied ‘Due Process’?

by @ 1:15 pm. Filed under Politics

Kenneth Feinberg is one of Obama’s appointed ‘czars’. The administration claims that all the czars are simply advisers to the President. As such, they can’t be called to testify before Congress (which was also Bush 41’s reason). However, Obama’s ‘advisers’ apparently have the authority to do much more than give advicethey can set national policy and inflict punitive actions on the public!

The Treasury Department is expected to formally announce in the next few days a plan to slash annual salaries by about 90 percent from last year for the 25 highest-paid executives at the seven companies that received the most from the Wall Street bailout. Total compensation for the top executives at the firms would decline, on average, by about 50 percent.

The sweeping decision, though, came from Feinberg and not from President Obama.

One official told Fox News that Feinberg from the start had the independent authority to work with companies and make such a call. Obama was never required to sign off before final decisions were made.

The White House does not consider the 90% pay cut as a punishment, but merely an incentive to ‘get right’ with their responsibilities to the public. I believe the pay cuts ARE a punishment and as such should be the result of a legal process, not a Presidential fiat. But they’re not satisfied with just going after Wall Street — Banks are next on the list:

Judge Andrew Napolitano, Fox News judicial analyst, said the government is embarking down a slippery slope.

“If bankers don’t challenge this, if they supinely accept it out of fear of what the government will do if they do challenge … then you have a nation of sheep,” he said.

Jonathan Turley, law professor at George Washington University, said in an e-mail that the companies’ debt allows the government to put “considerable pressure” on them.

He said imposing restrictions after the fact, as opposed to on the front end of the financial aid offer, creates “serious legal issues” over a lack of authority. But he said the seven firms are unlikely to challenge the mandate.

Feinberg has claimed broad authority to regulate executive pay and has already notched major victories.

…critics said Congress was potentially in conflict with Article I of the U.S. Constitution — particularly a section stating Congress cannot pass any “Bill of Attainder” — an act of the legislature that singles out and punishes a group or individual without trial.

In this case, Congress is not the entity making the call — Feinberg is.

So let’s see…

The new Marxist

The new Marxist

Seems we are definitely moving towards a lawless dictatorship where the Constitution is merely a hindrance to this Administration.

2 Responses to “Are CEOs Being Denied ‘Due Process’?”

  1. Sssteve Says:

    Happy Thanksgiving GN!!

  2. Bade Says:

    What a plsauere to find someone who thinks through the issues

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