Pay Czar Ken Feinberg: No change in the compensation crackdown


Kenneth Feinberg, the federal government's so-called pay czar, Tuesday denied media speculation that he was considering backing away from his decisions to slash compensation for top Wall Street executives at companies that received bailout money.

The Obama administration's special master for executive compensation has ruffled many feathers on Wall Street including American International Group (AIG). Its CEO, Robert Benmosche, has threatened to quit after being on the job for just three months because of pay restrictions Feinberg ordered. Others have claimed that the compensation guidelines will cause an exodus of top Wall Street talent to hedge funds and other companies not subject to government control.