Compensation Czar Will Set Executive Pay at Top Banks

The White House today is expected to appoint a Compensation Czar, who will have wide authority to set the pay for 175 top executives at seven companies that received hundreds of billions of dollars in federal assistance. The administration is expected to name Washington attorney Kenneth Feinberg, who will also develop a compensation structure for eighty other companies. Deborah Solomon is Washington Bureau reporter for the Wall Street Journal.