July 31, 2010 in Letters, Opinion

Harsher pay czar needed


One of the perks I enjoy being retired is on occasion to have a cup of coffee with breakfast while reading the newspaper. This morning I just about lost it in more ways than one. On the front page was a very informing article, “Pay at bailed-out firms to stand” by Daniel Wagner, Associated Press (July 24).

I had to read this over and over. I couldn’t believe what I was reading. “Obama pay czar says shaming bank executives is sufficient punishment.”

The article goes on to say that we are only talking about $1.6 billion. First of all, this is our money we are talking about. Most of us can’t picture $1.6 billion. The article also states that two companies are expected to cost the taxpayers an additional $38 billion.

Kenneth Feinberg’s statements and handling of this, in my opinion, is deplorable. When you are having that second cup of coffee, remember that Mr. Kenneth Feinberg is also overseeing BP’s $20 billion oil spill compensation.

Thank heavens for people in the press like Daniel Wagner for bringing things like this to our attention.

Bill Barnes


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