Is the "White House Pay Czar" regulating your pay check? Probably not, but newly appointed Special Master for Compensation Kenneth Feinberg does have the ability to review employee salaries at seven major companies that are receiving government bailout money. Feinberg has been given the task of overseeing executive compensation at AIG or American International Group, Citigroup, Bank of America, General Motors, GMAC, Chrysler and Chyrsler Financial. Any additional companies that require federal assistance in the future would also fall under Feinberg's jurisdiction. Feinberg has the power to reject pay plans for the top 100 salaried employees at these firms.
A company must present employee earnings for Feinberg's review and if he believes an executive earns too much, then Feinberg can set his own figure. The White House has determined that executive compensation should meet criteria that is "sound and appropriate rather than excessive" and having Feinberg oversee those salaries protects taxpayers.
White House Press Secretary Robert Gibbs says nobody should find fault with people that are doing well and are being paid well but
"these are private-sector employees that, in many ways, have their job based on the extraordinary assistance that has been provided by taxpayers to ensure that they can continue to have their job."