Wednesday, October 28, 2009

Did pay czar cut salaries or give raises?

It seems like he did both. Background here. According to this WSJ article, at Citi at least, base salaries climbed in many cases.

Here is the quote, "At Citigroup, which is 34%-owned by the U.S. government, Mr. Feinberg agreed to more than double salaries for 13 of the 21 employees, according to the Journal's analysis."

This seems to fly in the face of the pay for performance rhetoric that the White House has been spouting as its justification for limiting the pay of top executives at bailed out firms.

No comments: