The Obama administration on Wednesday enthroned Washington lawyer Kenneth Feinberg as its “compensation czar,” whose job it will be to oversee the salaries and bonuses of 175 top executives of our beloved bailed-out financial firms, including AIG, Citibank, Bank of America and GM. The White House’s initial call to cap executive pay at $500,000 is no longer on the menu.

Bloomberg:

Kenneth R. Feinberg, who mediated disputes over compensation for damages from the Sept. 11 attacks and Agent Orange, must now separate bankers from their paychecks.

Feinberg, named yesterday as the Obama administration’s “special master” on executive pay, will have authority to regulate compensation for 175 executives at seven companies that received “exceptional” government help. He steps into the political maelstrom that erupted after disclosures that firms such as Merrill Lynch & Co., blamed for fueling the financial crisis, still paid workers multimillion dollar bonuses.

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