Pay Czar Pushes Salaries North

by Derek Loosvelt | October 28, 2009

Although Kenny Feinberg chopped compensation for most of the very top-level executives at the seven firms under his jurisdiction, the Pay Czar increased salaries, on average, of the next level of employees at these firms. At Citigroup, for example, Czar Feinberg boosted executive salaries by some 87 percent. And at Chrysler Financial, he lifted pay by 82 percent.

The reasoning behind the increases is to allow these firms to compete in the human resource marketplace (that is, to retain key employees). The Czar knows that it will help no one, especially investors (i.e. taxpayers) in these firms, if they were to lose important revenue-generating executives. It should also be pointed out that the Czar's increases don't come near offsetting his previously-announced (and aforementioned) decreases.

Filed Under: Finance


Moelis Grows Down Under Deal ahead for MLB workers

Vault welcomes your views. Please stay on topic and be respectful of other readers. Review our User Guidelines.

blog comments powered by Disqus

Featured Companies

Become a Vault Basic Member

Complete your Vault Profile and get seen by top employers

SALARY FINDER

SALARY FINDER

Health Service Administrator

  • $0
  • 25
  • 50
  • 75
  • 100
  • 100+
Yearly Salary Range (US$ Thousands)