Today: Pay Czar to cut exec pay

October 22, 9:49 AMMinneapolis Conservative ExaminerErin Haust

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Obama's hand-picked Compensation Czar Kenneth Feinberg is expected to announce today how he plans to slash executive pay for 25 top bankers.

Institutions such as AIG and Bank of America that received federal bailout money are being regulated by Feinberg who has reportedly made the decision to cut compensation in half for CEO's and other executives.

Feinberg is apparently going rogue with his decision and has not sought approval from the White House which begs the question, "how much power does the Pay Czar have?"

AP Photo    GM CEO Fritz Henderson

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