The Obama administration's "pay czar" is embarking on a review of proposed compensation packages for the top employees at seven companies that are on government life support, marking the first time a federal official will have veto power over how much private-sector executives are compensated. Kenneth Feinberg, who ran the government's fund for families of the victims of the Sept. 11, 2001, terrorist attacks, has 60 days to approve or reject the compensation plans submitted by bailout recipients.
Obama 'Pay Czar' to Review Executive Compensation Plans
The Associated Press
August 17, 2009