U.S. “pay czar” Feinberg using formulas, not caps

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Published in Reuters September 25, 2009 by Steve Eder

President Barack Obama’s “pay czar” said on Friday he was using formulas and data analysis to determine executive compensation rather than relying on pay caps. Kenneth Feinberg, appointed in June to decide compensation packages for the highest-paid personnel at companies that received U.S. government bailouts, said his team of 15 people is reviewing pay data submitted by seven firms that needed extraordinary assistance, a group that includes Citigroup Inc, Bank of America Corp, and American International Group Inc .

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