The Obama administration has announced the appointment of Kenneth Feinberg to the newly created post of Wall Street “pay czar.” Feinberg, the Washington lawyer who oversaw the payouts to the families of September 11 victims, and a known possessor of moxie (according to Time, he briefly considered becoming an actor), will oversee the amount of bonuses and other compensation doled out at institutions who have received “extraordinary” amounts of bailout funds, like Citigroup, Bank of America, and AIG, apparently on a case-by-case basis. Per the Journal:
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.
Hear that, Citigroup traders? Allow us to suggest that should you meet Mr. Feinberg, you might want to refer to him by his formal title: Special Master for Compensation. And do whatever he wants even if it makes you uncomfortable.
Salaries Safe, Bonuses Hit [WSJ]
Kenneth Feinberg, Compensation Czar [Time]
Hear that, Citigroup traders? Allow us to suggest that should you meet Mr. Feinberg, you might want to refer to him by his formal title: Special Master for Compensation. And do whatever he wants even if it makes you uncomfortable.
Salaries Safe, Bonuses Hit [WSJ]
Kenneth Feinberg, Compensation Czar [Time]
