Obama's "Pay Czar" aptly named

Obama's Pay CzarHow long until we stop appointing mini-Czars and just go with the real thing?  Would it be any different?

If you are not shocked by the power grab currently taking place in Washington, D.C., you are not paying attention.  The Wall Street Journal records the latest shocker (subscription required):

appoint a "pay czar" to monitor the firms receiving the most government aid.  Treasury Secretary Timothy Geithner is expected to push all firms--not just those receiving funds from the government's Troubled Asset Relief Program--to more closely tie incentive compensation to long-term performance by paying employees in restricted stock, rather than cash.

. . .

Government officials said the "pay czar" will have wide authority, and will be able to determine, for example, whether a trader at Citigroup should be paid a certain amount.  He's also expected to act as a resource for all TARP firms more generally, providing guidance and helping interpret rules as needed.The broader guidance that will be offered to the rest of the financial industry will be voluntary, along the lines of "best practices" that banks will be expected to abide by.

Does "expected to abide by" sound voluntary to you?  Perhaps, traders should unionize?  At least that might confuse Obama and the Democrats about which political patron they should be rewarding


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