CEOs of the World … UNITE!
A little ideological confusion at the Wall Street Journal’s front page article on Ken Lewis having to forgo $2.5 million in compensation. [Don’t cry for him, unemployed America: he’ll somehow manage to get by on his $69.3 million payout when he retires in a few months).
According to the Journal:
The move angered many on Wall Street, which has been anxiously awaiting Mr. Feinberg’s rulings on compensation at the seven federal wards, which also include Citigroup Inc. and General Motors Co. Mr. Feinberg had been expected to clamp down on compensation by cutting highly paid employees’ salaries. But until now, there has been little indication he would take away an employee’s entire pay.
Since when is a CEO an employee?
–d.f.
