Ken Feinberg Upset About The Fact That He Has No Real Power

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Over the companies out of his jurisdiction, though he's closing his eyes and hoping for the best, i.e. that banks which don't have to do what he says will decide on their own to take an ax to executive pay.

"The biggest disappointment, I think, is that under the statute my jurisdiction is so narrow, and so circumscribed, that I have no real direct mandatory power over other Wall Street or other national companies," Feinberg said today in an interview with Bloomberg special contributor Judy Woodruff. "I have my fingers crossed that we have developed some guidelines, some compensation prescriptions that will be emulated," Feinberg said.

Feinberg Says Lack of Pay Authority Is Disappointment [Bloomberg]

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