The Obama administration plans to appoint a "Special Master for Compensation" to ensure that companies receiving federal bailout funds are abiding by executive-pay guidelines, according to people familiar with the matter.
The administration is expected to name Kenneth Feinberg, who oversaw the federal government's compensation fund for victims of the Sept. 11, 2001, terrorist attacks, to act as a pay czar for the Treasury Department, these people said.
Mr. Feinberg's appointment could be announced as early as next week, when the administration is expected to release executive-compensation guidelines for firms receiving aid from the $700 billion Troubled Asset Relief Program. Those companies, which include banks, insurers and auto makers, are subject to a host of compensation restrictions imposed by the Bush and Obama administrations and by Congress.
- THIS IS A DIRECT ASSAULT ON CAPITALISM - ONE CHAVEZ AND MUGABE OULD BE PROUD OF -- AND ATTACKED FOR!
- AND DON'T TELL ME THAT IT'S JUST ONE OF THE "STRINGS ATTACHED" FOR HAVING TAKEN THE TARP MONEY.
- THE FREAKIN BANKS WERE THREATENED AND FORCED TO TAKE MONEY, AND OBAMA WON'T LET THEM PAY IT BACK! MORE ON THIS HERE.