Pay Czar Complains of Lack of Authority In Setting Executive Pay

Filed under: Citigroup Inc. (C), Bank of America (BAC)

In an upcoming interview with Judy Woodruff on Bloomberg Television, executive pay czar Kenneth L. Feinberg complains that "The biggest disappointment, I think, is that under the statute my jurisdiction is so narrow, and so circumscribed, that I have no real direct mandatory power over other Wall Street or other national companies,"

Which is, to be honest, terrifying.

Feinberg's complaint is not that Citigroup, Inc. (C) and Bank of America Corporation (BAC) were able to circumvent him -- he was, in fact, successful, in imposing some limitations on pay at those companies -- but that he wasn't able to influence executive pay at companies that weren't recipients of bailout funds.

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Pay Czar Complains of Lack of Authority In Setting Executive Pay originally appeared on BloggingStocks on Wed, 06 Jan 2010 18:00:00 EST. Please see our terms for use of feeds.

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