Pay Czar to Examine Salaries at Bailed-Out Firms

Feinberg to review compensation for top 25 executives
By Nick McMaster,  Newser Staff
Posted Mar 22, 2010 3:59 PM CDT
In this Oct. 27, 2009 file photo, Special Master for Executive Compensation Kenneth Feinberg, also known as the Treasury Department's "pay czar", speaks at Georgetown Law Center in Washington.   (AP Photo/Charles Dharapak, file)
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(Newser) – The "pay czar" will review salaries and bonuses of executives at financial firms that have received government help. Kenneth Feinberg will examine the compensation of the top 25 executives at Goldman Sachs, Citigroup, JPMorgan Chase, and 417 other firms that took TARP money. If he finds evidence of risky or improper compensation, he has the power to intervene—but not to "claw back" any payments already made.

The window of time will cover the 2008 bonus season through February 2009, the Wall Street Journal reports. Feinberg's review is an annual requirement of his position as pay czar.

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