Feinberg maps out pay curb plans

WASHINGTON: The US government's "pay czar" expects compensation plans for additional employees at the seven companies getting the biggest bailouts to be in place by year's end, while the Federal Reserve will soon start its own work on banks' pay practices.

Kenneth Feinberg, the Treasury Department official overseeing compensation at the seven bailed-out companies, said that he hopes "to come up with consensual plans" for highly paid employees beyond the top 25 at each firm.

Feinberg already has announced plans to slash pay for the top 25 executives at the seven companies: Bank of America Corp, American International Group Inc, Citigroup Inc, General Motors Co, GMAC, Chrysler and Chrysler Financial. Now he is working on designing compensation structures for 75 additional employees at each one, ranking 26 through 100.