Automotive News [sub] reports that President Obama’s Pay Czar has done an about face. Kenneth Feinberg pledged to remove the $500,000 salary cap for NEW executives hired for TARP-recipients—if he’s convinced that a rule-busting pay boost would help the bailout queens return U.S. taxpayer’s money. Feinberg’s climb-down comes just two days after New GM’s federally-appointed Chairman of the Board said that Uncle Sam’s pay caps could be, indeed should be, “modified.” Of course, Ed Whitacre didn’t make his suggestion directly. Nor did Feinberg reveal the locus of his “come to Jesus with cash” moment. “[Feinberg] said the automotive firms did not appeal his rulings. But he said he would be open to requests to hire in new executives at competitive pay. ‘If General Motors or any other company wants to bring someone in laterally — laterally — and competitive pay packages require that lateral hires get certain competitive pay, what have you, we’re perfectly willing to examine that.'” So the new rule: GM can hire someone for more than $500,000 in cash per year if that person was already making $500,000 per year doing the same job, only better (one would hope). Which would exclude, uh, no one. And create mucho resentment at that special place where RenCen’s express elevators ascend to glory. More Feinbergian 180 after the jump, and a mystery to be solved . . .
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- Peter Just waiting for Dr. Who to show up with his Tardis, and send these things back to the hellish dark dimension from which they came.
- W Conrad I'm not really a truck person, but even I would consider one, I'd never get a CyberTruck in a million years. It's butt ugly.
- NotMyCircusNotMyMonkeys par for the course teething pains. makes me wonder what it was like 100+ years ago trying it with lead acid at the time. steam cars were also a thing back then :)
- NotMyCircusNotMyMonkeys people vote with their dollars. im not giving any to a jew hating aspie with a pube beard :)
- Astigmatism As someone with the means, the home charger, and an EV already in the household: God, no. If I wanted an electric truck, would get the Rivian over this thing eleven times out of ten. Even leaving Musk's personality aside, the Cyber Truck is the automotive equivalent of $1000 designer sneakers - they just make you look like an insecure jerkwad.