Pay czar readies for bonus season

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http://money.cnn.com/2009/11/17/news/companies/feinberg_executive_compensation/
Pay czar readies for bonus season
Kenneth Feinberg is set to trim bonuses right before the checks are set to go out, raising concerns that top talent at seven companies will up and leave.
By David Goldman, CNNMoney.com staff writer
Last Updated: November 17, 2009: 4:23 PM ET
NEW YORK (CNNMoney.com) — It’s bonus time on Wall Street and pay czar Kenneth Feinberg is walking a thin line.
Feinberg, Treasury’s special master for executive compensation, has a mandate to determine appropriate executive pay packages for the top employees at the seven most heavily bailed out companies: AIG (AIG, Fortune 500), Citigroup (C, Fortune 500), Bank of America (BAC, Fortune 500), General Motors, Chrysler, Chrysler Financial and GMAC.
After reviewing those firms’ pay packages for their top 25 executives last month, Feinberg has begun to review compensation plans for the next 75 highest-paid employees at each company. That report is due out by the end of the year, and Feinberg recently said he hopes to issue his ruling by the beginning of December — just before bonuses get doled out.

Published in CNN Money November 17, 2009 by David Goldman

It’s bonus time on Wall Street and pay czar Kenneth Feinberg is walking a thin line.

Feinberg, Treasury’s special master for executive compensation, has a mandate to determine appropriate executive pay packages for the top employees at the seven most heavily bailed out companies: AIG (AIG, Fortune 500), Citigroup (C, Fortune 500), Bank of America (BAC, Fortune 500), General Motors, Chrysler, Chrysler Financial and GMAC.

After reviewing those firms’ pay packages for their top 25 executives last month, Feinberg has begun to review compensation plans for the next 75 highest-paid employees at each company. That report is due out by the end of the year, and Feinberg recently said he hopes to issue his ruling by the beginning of December — just before bonuses get doled out.

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