Remember, back in the day, when Kenneth Feinberg was named Comp Cop and everyone working at a bailed out company, who were told their asses were about to be capped, threatened to leave if he so much as dared to take a penny of their hard-earned money away? Sure you did, they wouldn't shut up about it, or the fact that this--this!-- was going to be the death of their otherwise phenomenally profitable firms? Anyway, apparently most people were just messing.
Of the 104 senior executives whose pay was set by the federal pay regulator in the last two years, 88 executives, or nearly 85 percent, are still with the companies even though their pay was drastically cut back, according to people briefed on the government data. The relative stability, at least within the executive suite, suggests that a soft job market, corporate loyalty and personal pride helped deter the feared management exodus at the companies hardest hit by the pay rules.
Sure, or maybe it was this.
Mr. Feinberg’s actions did little to rein in the industry’s huge payouts. Most of Mr. Feinberg’s pay rulings, for example, were in effect only for the final few weeks of 2009 — and affected only a handful of the most troubled companies.