the biggest problem with a payment czar isn't that it will make it impossible for companies to attract talent in upper management, the problem is that this is the first step to a federal
maximum wage law. if you have the latter on the books, the former simply isn't a problem.
Obama's Plan to Appoint Pay Czar Draws FirePresident Obama is expected to offer Washington attorney Kenneth Feinberg a government job unlike any other in U.S. history: pay czar.
Obama is creating the position, formally known as special master for compensation, to institute his administration's guidelines and limits on executive pay for companies that took bailout money from the Troubled Assets Relief Program, or TARP.
Treasury Secretary Timothy Geithner made it clear Tuesday the government wants influence in what companies pay their top executives.
"We need to help encourage substantial reforms and compensation structures, particularly in the financial industry," he said.
But the top House Republican, Rep. John Boehner of Ohio, calls the whole idea of a pay czar "absolute lunacy."
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