October 20th, 2009
03:01 PM ET
13 years ago

Wall Street fat cats fear the pay czar

NEW YORK (CNNMoney.com) - President Obama's "pay czar" will soon decide whether top executives at firms that received the most assistance from the government during last year's financial crisis are making too much money.

By month's end, Kenneth Feinberg, a Washington attorney who up until six months ago was known by few on Wall Street, is expected to rule on pay packages for the 5 most senior executives at Citigroup (C, Fortune 500), Bank of America (BAC, Fortune 500) and AIG (AIG, Fortune 500) as well as 20 other highly compensated executives at those firms.

Feinberg is also expected to weigh in on plans for senior executives at Chrysler, Chrysler Financial, General Motors and GMAC, the former financing arm of GM, before moving onto the next 75 highest paid employees at those seven companies.

Here's a glimpse of what we can expect:

Full story on CNNMoney.com

Filed under: Wall Street
soundoff (10 Responses)
  1. jobless recovery

    "pay czar"..who funds his job? who oversees his job? who approved him? Obama has a shadow government without oversight. Obama is supposed to be a law scholar...so he just chooses to trample on the constitution.

    October 20, 2009 04:20 pm at 4:20 pm |
  2. Obie is a Socialist

    Obama is a pure leftist. BYE-BYE

    October 20, 2009 04:23 pm at 4:23 pm |
  3. Dar

    Didnt Odumbo say that he didnt want to run an automobile company. Ahhh our new goverment at work. Your next cool aid sippers, the man will be knocking on your door next.

    October 20, 2009 04:26 pm at 4:26 pm |
  4. JM

    Who is the government to tell private industry how much to pay its employees? I think the President and his Czar's make too much money. They need to take a pay cut.

    October 20, 2009 04:28 pm at 4:28 pm |
  5. Dean

    This goes to show you the Fat Cats on Wall Street and the Banks are so detached from reality..They should take the same advise they give us, If you have an outstanding balance and have extra money Pay off the loan then we can talk bonus.

    October 20, 2009 04:29 pm at 4:29 pm |
  6. Retired US Army Officer-Kansas

    Once upon a time there was a great industrial nation that had pulled its self out of the ashes and built its self into a industrial giant. No one dictated wages for the top, but the general rule of thumb was that the head of the company was paided ten times the wage of the bottom person in the company. That nation was and is the United States, but some where something has gone off course. Bottom man makes $7.50 per hour thats $15,600.00 per year, means top guy makes $156,000.00 per year, right? Not any more something went extremely wrong.................................

    October 20, 2009 04:30 pm at 4:30 pm |
  7. phoenix86

    Let's be clear: NOBODY "fears" Obama.

    October 20, 2009 04:35 pm at 4:35 pm |
  8. rr

    Don't worry, bankers, Chris Dodd will come to bail you out just like he did at the last second by slipping that clause into the stimulus bill that protected AIG bonuses.

    October 20, 2009 04:37 pm at 4:37 pm |
  9. candy girl

    Well, like the Banks, Credit Card companies, and Insurance companies, the "fat cats" on Wall Street are not going to change their ways without a fight! They WILL find SOME WAY around the pending changes they are anticipating! Each day I learn more about ALL of the changes the credit card companies are throwing at us prior to February, 2010, when the new credit card laws will take effect. It seems to me it is USELESS to try to obtain any LAW AND ORDER IN THIS COUNTRY, when it comes to reigning in the banks, the insurance companies, and Wall Street! GREEDY PEOPLE WHO ONLY HAVE THEIR HAND OUT FOR MORE MONEY, and could CARE LESS about the consumer--that's what it's all about!!!

    October 20, 2009 04:38 pm at 4:38 pm |
  10. Randolph Carter, I'm no expert but...

    Communism failed because people want to own stuff.
    -Frank Zappa

    Unregulated capitalism failed because some people want to own everything.
    -Randolph Carter

    Have a nice day!

    October 20, 2009 04:42 pm at 4:42 pm |