The Obama administration has appointed a Washington, DC attorney to become the so-called “compensation czar” overseeing the salaries of top executives at bailed-out financial firms. Kenneth Feinberg will have authority to set the compensation for executives at seven taxpayer-rescued companies, including Citibank, Bank of America and General Motors. The White House, however, has dropped an initial pledge to cap executives at $500,000.
New “Compensation Czar” to Oversee Exec Pay
HeadlineJun 11, 2009