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…

Yup.  He said that.  On his one hundredth day, he said, “We’ve begun the work of remaking America.”

Yeah…Remaking it into a nationalized socialist republic…

Ousting a company’s CEO, becoming majority owner of the same company, spending us into the ground…

Attempting to nationalize healthcare…

Nationalizing banks…

Nationalizing car companies…

Read

Probably not, if the government gets its way…

But Matt, what do you mean?  Doesn’t the government want all that money back?

Absolutely not.  And here’s why…

As long as the banks have government money, the government has a say in their operations.

According to the Financial Times, “Strong banks will be allowed to repay bail-out funds they received from the US government but only if such a move passes a test to determine whether it is in the national economic interest…”

Obama: “I’m not going to simply put taxpayer money into a black hole.”

Folks, Obama and the Feds won’t let them repay the money because they want to control the markets.

And, just as I am writing this, this came up on the Drudge Report:

NYT: FEDS MAY CONVERT BANK BAILOUTS TO EQUITY SHARE...

Back door to nationalization? Government could become largest shareholder in several banks... Developing...

Read- New York Times

Read- Financial Times

Not according to B of A Chief Executive Ken Lewis.  While rumors have been flying around about America’s largest bank becoming America’s Bank, Lewis has been firing back.  He’s been buying shares and meeting with the board.  Shares are up from their 25-year low last week.

Read