Sunday, August 9, 2009

Corporatism Run Wild

From the WaPo, Pay Czar Quietly Meets With Rescued Companies; Deadline to Propose Compensation Looms:

President Obama's compensation czar has been meeting for weeks with executives at some of the country's largest and most troubled companies as they face a Thursday deadline to propose how much they will pay their top employees.

Kenneth R. Feinberg has the unprecedented task of deciding executive compensation at seven companies that received large government bailouts. His meetings with American International Group, Citigroup, Bank of America, General Motors, Chrysler, Chrysler Financial and GMAC have been conducted in secret, with neither Feinberg nor the companies willing to say much in public.

This is change. I don't believe in it. I'll take Reaganomics over this.

In the meantime, no one expected headlines like this:

Drug Industry to Run Ads Favoring White House Plan (NYT)

The drug industry has authorized its lobbyists to spend as much as $150 million on television commercials supporting President Obama’s health care overhaul, beginning over the August Congressional recess, people briefed on the plans said Saturday.

Clearly the pharmaceutical makers expect to make a bundle off of "reform".

Strange days . . .

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