edited by: Tracy Coenen,
Accounting Editor
The Pay Czar oversees the compensation practices at seven companies: AIG, Citigroup, BofA, General Motors Corp., GMAC Financial Services, Chrysler Group, and Chrysler Financial. In reviewing the compensation packages, the Pay Czar has had a reputation for toughness, cutting the compensation packages for top officers significantly.
Nonetheless, the Pay Czar has [...]
The Pay Czar has announced new plans to cut compensation for employees below the top layer of management, the so called "second tier" employees. The ostensible toughness of the Pay Czar is generally overstated. Moreover, his impact is a short term palliative that will have no long term effects.
Sometimes [...]
As BofA pays off its TARP money, allowing it to avoid the oversight of the Pay Czar and to pay compensation essentially without limits, and Goldman opts to pay compensation that, on the present course, will equal more than $700,000 for every employee, it is clear that the US has [...]
