Pay Czar to Examine Salaries at Bailed-Out Firms

The "pay czar" will review salaries and bonuses of executives at financial firms that have received government help. Kenneth Feinberg will examine the compensation of the top 25 executives at Goldman Sachs, Citigroup, JPMorgan Chase, and 417 other firms that took TARP money. If he finds evidence of risky or improper compensation, he has the power to intervene—but not to "claw back" any payments already made.

The window of time will cover the 2008 bonus season through February 2009, the Wall Street Journal reports. Feinberg's review is an annual requirement of his position as pay czar.