Capping executive pay

By Melissa Hankins - bio l email

Posted by Zack Smith - email

Charlotte, NC (WBTV) - The White House says overpaid executives and their excessive spending thrust America into a financial tailspin.

Now, the Obama administration is taking charge.  The President may scale back some of those exorbitant CEO salaries.

The program has not officially been announced yet, but an Obama official spoke anonymously to several news outlets today saying the president will appoint a "special master" to oversee executive pay at companies that received large TARP loans.

That means companies that certainly could be affected are Bank of America and General Motors.

Sources say Kenneth Feinberg, a D.C. based attorney specializing in mediation, is the man for the job.  His last high profile task was overseeing payments to families of victims of the September 11th terrorist attacks.

The Special Master will review compensation for the top 100 salaried employees at companies the government will pick, and he'll have the power to reject pay plans that seem excessive.

From what we know so far, this won't be happening at all firms that received federal assistance just the ones that received exceptional amounts.