By Steve Eder
NEW YORK (Reuters) – President Barack Obama’s “pay czar” said on Friday he was using formulas and data analysis to determine executive compensation at government-rescued firms, rather than relying on pay caps.
Kenneth Feinberg, appointed in June to decide compensation packages for the highest-paid personnel at companies that received U.S. government bailouts, said his team of 15 people is reviewing pay data submitted by seven firms that needed extraordinary assistance, a group that includes Citigroup Inc, Bank of America Corp, and American International Group Inc . (more…)
