Pay Czar to Slash Salaries

Let them eat stock: Kenneth Feinberg, the Obama administration’s pay czar, is preparing to slash salaries at the seven firms he oversees, according to The Wall Street Journal. In mid-October, he is expected to shift a chunk of annual salary to stock that will not be accessible to employees for several years. The seven affected companies are AIG, Bank of America, Citigroup, General Motors, Chrysler, Chrysler Financial, and GMAC Financial Services. The restrictions could complicate efforts by some of the companies to attract new executives—for example, Bank of America, whose CEO, Ken Lewis, recently resigned.