Seven companies that received bailout money will have their top 25 executives pay cut by about 90% on average.

The treasury Department will announce this in the next few days, according to Yahoo! Finance.

The companies are Bank by America, Citi, AIG, Government Motors, GMAC, Chrysler and Chrysler Financial.

Read–Yahoo!

I told you this would happen…

UPDATE:  CNBC is reporting that the overall pay–including benefits, bonuses, and crap will drop about 50%.

Also, check this out:

“And at all of the companies, any executive seeking more than $25,000 in special perks — such as country club memberships, private planes, limousines or company issued cars — will have to apply to the government for permission.”

I told you.

I goddamn told you!

This is corporate fascism at its finest, ladies and gentlemen.

Kenneth Feinberg is running the show.

Read–CNBC

Yes, folks.  According to Yahoo News, Tim Geithner wants to impose new guidelines for publicly traded companies to better match pay with long-term performance.

He said that he does not want to put caps on the pay…but that sounds like what they’re going to do…but just call it something else.

What gets me about this is how they support unions and a minimum wage…in short, not being paid by your performance, while wanting that for executives…

Developing…

Read

Folks, what exactly is a “Special Master for Compensation?”

Well, ladies and gentlemen, it is a new czar to oversee executive pay…

That means that if you are a CEO, and you got TARP money, you now have a new guy in HR signing the checks…and the checks just got smaller…

Say hello to your new HR representative: Kenneth Feinberg.

The Wall Street Journal reports that early next week Kenneth Feinberg will become the new HR Czar.

Now, in this report, there is a sentence I find frightening…

“Firms likely won’t be able to appeal decisions that Mr. Feinberg makes to Mr. Geithner, according to people familiar with the matter.”

And don’t say I didn’t tell you so…

The House has just voted to impose a 90% tax on AIG bonuses. The Bill, introduced by a friend of the Harrington Report, Charlie Rangel, is unconstitutional.

Any employee of a company that received TARP money who received a bonus of more than $250,000 ($125,000 in the case of a married individual filing a separate return), will be taxed 90% on that bonus…

This is wholly unconstitutional.  The congress is using an ex post facto law to cover their asses because they didn’t do their homework.

(g) Effective Date- This section shall apply to disqualified bonus payments received after December 31, 2008, in taxable years ending after such date.

Click Here to read the text of the bill. (.pdf)

CALL YOUR SENATORS!  TELL THEM THAT THEY SHOULD READ UPHOLD THE CONSTITUTION!  Article One, Section Nine.

MELT the phone lines!

Read

More after the Jump…

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