Wall St ponders pay czar's move on bonuses

NEW YORK/WASHINGTON: Wall Street is warily watching the Obama administration's pay czar and wondering if he will flex his muscle to "claw back" past bonuses paid to some of the biggest players in high finance.

Such a move, which Kenneth Feinberg first publicly hinted at this past weekend, could roil the industry, which lately seemed to have successfully toned down congressional efforts to curb outsized pay packages.

"There are some real concerns about the scope of 'clawbacks' and the people and payments that they may reach," said Linda Rappaport, who leads the executive compensation practice at Shearman & Sterling, a New York Law firm.