Bailout pay cuts: One firm's pain is another's advantage

The U.S. Special Master on Compensation, Kenneth Feinberg, is unleashing the public's furor over Wall Street compensation on 25 lucky executives. Of course, were it not for the grace of the American taxpayer, those companies would not exist.

So, the executives at those companies should be grateful to have their jobs. But until they can pay back that TARP bailout money, their companies are going to feel the burn. And their competitors will leap with joy as they hire their best people.