What corporate fiefs will the “pay czar” rule now?

Dec 17, 2009

Few wield as much power over Wall Street right now than White House "pay czar" Kenneth Feinberg. He has single-handedly capped the salaries of executives at some of the biggest financial institutions in the nation including, AIG, Citigroup, and Bank of America. He is even credited with prompting Goldman Sachs to starve its top performers (including their CEO) of cash bonuses. The perceived intrusion over compensation has lit a fire under many financial institutions to pay back TARP money tout suite—last week Citigroup and Bank of America made arrangements to return taxpayer money just to get him off…….well, their backs. Has all his good work made him irrelevant?

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