Katie Couric's Notebook: Party's Over

By: Katie Couric
Topics: Katie Couric's Notebook

Despite signs that the party was long over, there were diehards still dancing on Wall Street - until Ken Feinberg turned off the music.

He's in charge of overseeing executive pay at seven companies that received the most in bailout bucks. Today, he announced that cash salaries will be cut by as much as 90 percent, and total compensation packages by half. As for those free rides on private planes and in limousines, any perks beyond 25 thousand dollars need to be approved by the government.

Americans had a hard time watching firms like Citigroup and AIG pay out huge bonuses...when they were teetering on the brink of collapse.

Critics of the proposed cuts say the big salaries attract the best talent - and that capitalism keeps the government out of private sector pay.

But Wall Street's seven figure svengalis got us into this mess in the first place. And taxpayers kept them afloat. Now isn't the time to pat themselves on the back. A little humility, not hubris, is in order.

That's a page from my notebook.

I'm Katie Couric, CBS News.

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by dlamrine October 26, 2009 1:09 PM EDT: The only crooks are the ones in congress that forced the banks to loan to people that did not have the money to begin with. When will they decide on how mucg you will be payed. Congress just gave large multi million dollar bonus I dont see anyone of the so called real new people reporting this. I challage anyone to watch fox news for 30 days and then tell us they are not a real news outlet If you do then you will learn something use a open mind and listen. Not only do they give you the news they tell you where you can check it out for yourself. Agian I dare you to watch for 30 days.; Reply to this comment


by RandomUser1886 October 24, 2009 11:27 PM EDT: Hey Katie,
Explain why Obama should not cut YOUR salary by 90%?; Reply to this comment


by casey_abbott October 24, 2009 6:38 PM EDT: Okay. Just don't tell anyone.; Reply to this comment


by colliemom-2009 October 23, 2009 10:55 PM EDT: Katie they pay you toooooo much You have forgotten the same banks were forced with the aid of Acorn to give bad loans to people who could not pay or illegals and then they were forced by Paulsen to take the bailout money and then Once again Acorn was enlisted to harassed these same people at home. So Katie I did your job give me 90% of your pay. Oh they are working on others who make way too much Walmart google microsoft Oh may be you are next.; Reply to this comment


by RandomUser1886 October 23, 2009 10:13 PM EDT: Katie,
Tell us again how much you earn a year and why that is justified?; Reply to this comment


by rond504 October 23, 2009 5:52 PM EDT: And you make how much? And where do you stand in the anchor ratings? How much extra money do I spend on products advertised during your show so you can make 15 million a year? Give me a break with your self righteous screed. More people trust what Jon Stewart reports than you or your other two network cronies. Maybe you ought to try some reporting sometimes.; Reply to this comment


by epicmtbrider October 23, 2009 1:03 PM EDT: Are you kidding Katie? While I certainly agree with you that these Wall Street Schmucks are insanely over paid and crooked! This is coming from somebody that makes 15 million a year (8 figures) for reading words on a tele prompter. I just threw up in my own mouth.; Reply to this comment


by jbone129 October 23, 2009 12:17 PM EDT: Katie, here's to the $15M reasons to hate this story.; Reply to this comment


by Havoc029 October 23, 2009 11:56 AM EDT: Katie, Katie, Katie,

You need to engage your brain before opening your mouth. Do you know how hypocritical you sound? Who are you, an 8-figure a year earner lecturing 7-figure a year earners on the evils of capitalism.

I believe it is capitalism that has given you your cushy 8-figure a year job. I think you need to worry more about your lack of viewers before lecturing executives at Fortune 500 companies.; Reply to this comment


by biodecor October 23, 2009 11:26 AM EDT: I get a kick out of all you 8 figure commentators telling other 6,7,or 8 figure execs that there being paid to much. I think Oprah' Tom Cruise, and Derek Jeter are paid to much too. Are they next!
This class warfare at it's worst.; Reply to this comment