“You’re either one of the 99 percent of one of the 1 percent,” reads a sticker on a lamppost near my house. The implication being that if you’re not one of the 1 percent, you should be packing your class warfare kit of cardboard signs, camping gear and iPods loaded with a copy of Paranoid Android and head on over to Wall Street.
Soak the rich isn’t an original slogan, but in this age of NGO’s and a massive white elephant civil service, who are the rich exactly?
Elizabeth Warren explained that the rich are people who build factories but aren’t grateful enough to pay their fair share. Whatever that fair share might be. Warren has good reason to be outraged by business owners who just aren’t paying enough. She’s the one they’re paying the money to.
The Consumer Financial Protection Bureau refused a Freedom of Information Act request to release her salary, but we do have the salary ranges for two assistant directors of sub-offices at the CFPB.
The Assistant Director at the Office of Financial Empowerment, whose job is “developing and implementing policy and programs that empower low and moderate income and underserved consumers to make better informed financial decisions” has a salary range of 185,000 to 247,000 dollars.
The Assistant Director at the, Office of Older Americans, (apparently senior citizens is now politically incorrect) also has a salary range of 160,000 to 235,000 dollars (apparently senior citizens also matter 25,000 to 12,000 dollars less than “underserved consumers”) and his or her job involves “Working with the Associate Director and Deputy Associate Director of Consumer Education and Engagement, as well as senior leaders from across CFPB.” (That’s senior leaders who make a lot of money, nor leaders who are seniors.)
Just how many senior leaders, directors, associate directors and deputy associate directors are there at a single consumer agency? When you find out let me know. But the CFPB has offices in four major cities, pays relocation costs and promises “a highly competitive compensation and benefits package”.
Does the Consumer Financial Protection Bureau really exist to protect consumers or to provide six figure jobs to reliable political allies like Liz Warren?
Here’s a hint, the Dodd-Frank bill didn’t just establish the CFPB, it also created the Office of Financial Research with a neat little caveat exempting them from pay schedule limitations
“COMPENSATION- The Director, in consultation with the Chairperson, shall fix, adjust, and administer the pay for all employees of the Office, without regard to chapter 51 or subchapter III of chapter 53 of title 5, United States Code, relating to classification of positions and General Schedule pay rates.”
In case you happened to miss that, it was only somewhere around the 1000th page under Section 152 D (2 ) right behind the case reading, “Beware of the Barney”. It’s an ironic note in a bill that fusses a bit about executive compensation when they’re private sector executives, but creates an organization with open ended salaries for government employees.
Oh and if you’re still worried whether Elizabeth Warren has enough to eat, her Harvard salary was around 632,000 dollars. Her workload? Teaching a class on contract law twice a week. It’s not exactly shoveling coal in a coal mine. Class warfare it turns out is a game for the rich.