Feinberg says more to come on exec pay curbs

WASHINGTON: The Obama administration's pay czar, who sent shock waves through Wall Street by slashing compensation at seven bailed-out companies, says those moves were just the beginning.

Kenneth Feinberg will soon start setting rules for 2010 compensation at the same companies, all on government life support, and this time his demands could be much more stinging.

Feinberg last week said he was cutting overall 2009 pay by an average of 50 percent for the top earners at the seven companies. Most of the firms downplayed the moves, noting they really only impact the last few months of the year.